Been with Verizon 20 years in the Socal area and was just let go the other day. For 15 years was a store manager and for 10 of those of years was making over 6 figures. Had to take care of a family member so had to step down and for the past 5 years was an CSR, ES and then RSS.
The severance package I received from my manager seems low compared to what am hearing from other. I heard it's 2 weeks pay for every years you worked ?
Re time to get paid: my last day was 3/10, got lump sum on 3/27 They say up to 4 weeks but usually quicker.
Maybe tax is different for VzW, but for wireline management is clearly states it's taxed at the supplementary rate and not what your usual rate is.
I called payroll and was advised that they would tax at whatever ur current tax election was..... so if u are exempt.... then they tax as such.... can anyone tell me how long it took to get paid?
Anyone know if we are able to get pension as well as the severance package? I was with GTE back in 1996 up til Thursday April 7!
Payout is based on current pay and not what you made previously and up to 35 weeks. So it comes out to 17 1/2 years of service times two weeks and up to 35 total weeks. Yours will be lower or higher than others because of the current base pay.
Why does it seem like these union guys just s--- each other's dcks at their union meetings... This post had nothing to do with unions as someone was just asking a question and the weak little snowflakes just jump in. Pathetic pieces of sht they are
The supplementary rate of tax, which is 25% Federal tax (the IRS code allows a few ways for employers to tax supplementary payments, but 25% is what VZ uses) is deducted from the payment. Normal Social Security and Medicare deductions are taken, and, if applicable, state tax at the supplementary rate (which can be found be searching, often similar to the usual state tax rate).
No medical/dental etc deductions are taken from the payment.
Note this is deduction. It all counts as income, so if your marginal tax rate is above 25%, you may owe additional taxes when filing. (I made additional tax payments to avoid quarter by quarter penalties)
received my severance package also, does anyone know what this is taxed at .. i have heard several different percentages. This makes a huge difference it what you will actually receive until tax return time next yeat
Yea, ill take my 30 years and fully funded pension. Be gone wireless peasants!
"Yea....non union workers called us over paid....fat...slobs...greedy. and i ain't never made 6 figures at bell Atlantic/verizon."
And that's why unions aren't for everyone. Even without a guaranteed job (which doesn't apply to new union members anyway), I can be much better off with a high salary for many years, than a lower one for a few more.
Hey idiot! I have a masters in linguistics! Choose not to expend the energy on you loathsome bums. Kiss my dues paying, still working gluteus maximus!
Hahahha
The package should include the (fairly simple) calculation. Were your 20 years continuous? If so, the package will be 35 weeks of your current salary (with STI if applicable + a pro-rated 2017 STI). If it is less, then ask why.
I just had to fight to get two weeks of vacation that they owed me, at first they said there were no records, but I produced some old (2007!) email about it. So mistakes are certainly made
@oxd - "You ain't never made?" You union turds are a special kind of retard.
Yea....non union workers called us over paid....fat...slobs...greedy. and i ain't never made 6 figures at bell Atlantic/verizon.
You non union folk got ur come upins. Im covered till aug 2019, and ill walk with my union brothers again to keep my job.
Good luck to you.
You made 6 figures and you guys cryed about the wire line guys making too much money,,karma is a b--ch isn't it,what go up must come down...
They haven't been changed for a long time. But yes, could be at any time, Verizon isn't obliged to pay anything at all
The packages are subject to change I am sure
Now, that's the standard severance package from Verizon
years of service times 2...however company caps at 35..