Anyone know the package? 2 weeks for every year? Does it get paid out in full when you sign the papers? Do they also give you your last regular paycheck for the work you've already done + vacation, etc?
And are they enforcing non-competes?
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On severance, my wife was there 36 years and got 40 weeks of severance pay, plus PTO, etc.
In the June round, folks that I know:
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remained on payroll for a period of time (2 - 4 weeks, I believe)
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got COBRA (insurance) coverage paid for by Nike for a few months (3?)
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got PTO paid out
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received severance; it sounded like most got ~2wks per year of service, but there was a cap (I don't know what that cap was, but I didn't hear of anyone getting longer than 6 months, even if they were a 20+ year vet)
This is all second and third hand information, so take with a grain of salt. There was a lot of justified anger at being laid off, but no one complained about their package, so I hope that means Nike was doing right by folks as best as they could.
I hear the severance was quite strong. Not sure if that was just the person I spoke to and it differed by band, etc, but this one was quite happy.
Wasn't '09 a month per year? Anyone know about immediate vesting of stock options or anything?
I heard 2 weeks for every year, I think the cap was 16 weeks but I am not 100% sure
From the last people I spoke with two weeks per year may be optimistic. I believe they received less than that and there was a cap. Vacation accruals must be paid. Most received checks right away. Some were made to wait several weeks.
meetings just called its stating