There have been rumors regarding a 3+3+1 offer (3 years to service, 3 years to age, and 1 years salary for severance) in the works. Anyone heard anything to that effect?
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If it's too good to be true....
As long as the pension is well-funded, the 3+3 portion makes sense. I think the 1 year severance is a long shot at best.
I know many of these people, milk the cow dry, time to retire and give chance to younger folks,
There are lots of folks in the company with 30+ years of service. According to tSpace: 7,668 between 30 & 34, 10,220 between 35 & 39 and 3,190 between 40 and 44 years of service. Add it all up and that is around 8% of our total workforce. Every year those pensions are getting more and more juicy.
Although, adding 3+3+1 to those pensions seems like it would be more expensive than just letting these folks retire on their own. I think you get a lot more mileage from that type of offer for the folks between 15 and 29 years, which makes up 80,000 folks, about 33% of our workforce.
I spoke to someone who was on a director level and up call over a year ago. They made it clear that there would be no more "enhanced" retirement offers. So unless they are suddenly backtracking, I seriously doubt this is anything more than a rumor.
Oh please! They are not going to offer that to entice people to volunteer to leave. Why would they? They can cut you involuntarily in a heartbeat and not think twice about it.
In response to everyone's comments, it just rumour for now. An offer like this would expedite more interested parties thru additional attrition. They tried in 1st quarter this year to get volunteers without much success with just 6 months salary. And actually severance just a few years ago was actually a full years salary for those with I believe 20 or more years of service. You would be surprised the volume of folks with 35+ years of service still in the company. Also there is a vested interest in cashing out more pension payments.
The last time I remember this company doing anything like that was pre-SBC in the mid 90s (Illinois Bell/Ameritech.) Why would they spend that kind of money when they don't have to?
I bet this is an offer that would be on the table to AVP and above type folks. Not much reason to make a juicy offer like this to grunts.
I can't speak for represented/union employees, but I cannot see at&t offering this to management employees. They can surpluss you at any time with a max 6 month severence. They would never fork out a year. What would be their gain?
AT&T giving you more than 6 months Or less...severance?,that is crazy and unresponsible talk.
I would take it today if offered :)
That would be awesome, seems like a pretty good deal to leave this crappy company.