In France all our SPVSS team have received LR package including :
Tax free "bonus" between 60K€ up to 25 months of salary (depending of years of service)
PLI
RSU
PTO
50K€ for training of our choice
75% of current salary paid each month during 1 year
Is it above or below average compared to other countries ?
The law would give the Froggies much less than what they get i.e.
Law: 0.33 x monthly salary per year of service + 4 months (incl. 3 months notice) + unused PTOs from current and previous year.
instead they get:
1.4+0,33 = 1.73 (or 1.83 for old timers) x monthly salary per year of service + 13 months (up to 18 for granpa's) + unused PTOs
RSUs only if vested during the period incl. the notice
Training is 30k+5k not 50k
It's all about brand value, and protecting the Cisco-French government relationship, but hey why do you think SPVSS has still so many IL folks ...
These are the results of French labour laws, not the EU. In some places in the EU, it's quite easy to fire and fire. Some places it's like breaking up after a relationship, you split the holiday snaps and go your own way. In other places it like a full-on divorce, that takes years, involves lawyers, and costs a lot of money.
I agree, good on the EU. These LR packages as in France are recompense for long loyal service. Rich companies in rich countries can afford these. The real question is, why do longtime US employees deserve to be booted out the door with barrel scrapings and not be treated with dignity and support during a difficult transition. Oh, and where do in meantime find health insurance?
And that, boys and girls, is why anybody with 1 milligram of business sense NEVER, EVER invests in France, or creates one single job more than necessary.
Europe is an expensive place to have a corporate office given the existing labor/separation laws.
Quality pays off.
I bet two years salary and full vesting.
Wonder what the package was for these guys
http://www.theregister.co.uk/2017/08/24/cisco_loses_three_emear_execs/
I was employed at a large US Company with offices all over the world. The company decided to close it's Munich office and consolidate the EU HQ in Amsterdam. I remember the termination terms for those two dozen employees to be incredible! If my memory is correct, they got paid to do nothing for another year after the closure, if that is what they wanted.
I also remember something that the German government mandated for the most part.
And this is why France' unemployment rate is at 9.5% (Apr 2017) - just saying... the ability to employ and fire has been taken away by a socialist government so no one wants to give a permanent contract to anyone. Therefore youth unemployment is massive.
I guess it make sense that the crowed that brought us the email storms will fail to recognize such basic form of trolling.
Back in the day Cisco LRd some folk and it was when all was rosy and the company was flush. The guys let go got great payouts. Now because France has a works council Cisco cannot easily back track on what it offers people who get LR'd. The works council is too powerful over there.
That's what I heard.
I also suspect the OP knows that in France they get a really good deal and is just rubbing our noses in it.
I disagree the EU labor laws has very little to do with "expensive" packages, there is a minimum guarantee but far from what the team will receive.
Cisco could easily give 10x lower bonus (without PLI and no RSU) and still respect the law, so in your opinion why is there such big difference between US/EU LR packages ??
and 6000Euro package for outsourced people in Cog
Definitely better than what the 'average' worker in the USA gets. Europe is an expensive place to have a corporate office given the existing labor/separation laws. No hate. Good for you in the EU.