There is a rumor going around that the severance packages are being cut or done away with all together. Has anyone heard the same?
18 replies (most recent on top)
@2cfo, I was hinking the exact same thing. Great minds hink alike.
2cfo - I hink a lot of ex-employees and customers come here just to laugh at the VTeamers that cao't get enough. Would you like another roll of paper towels to wipe your chin?
Oops! I hear Lowell calling. You better get going. Don't forget you knee pads.
Eventually VZ will do exactly what Sprint did effective Jan 30 2016. Sprint had same sev package VZ has...2 weeks for every full year of service with a cap similar to VZ 35 week. QAll sprint did was cut the weeks per year of service from 2 to 1, a significant reduction but 'a' sev package exists. Companies don't owe you a gaudy sev package by any means.
I assume the package here will change as well and if any of us are hanging on because we want the current package, the that is just stupid. It will be what it is when the rif knocks on my door and the same will apply to everyone else here.
severance was the only thing between me and legal action for age,s-x,race....im not of indian extraction, harassment,revenge,workman comp retaliation...
I suspect @myq has a hidden agenda in that silly post, that of provocateur. Yet the rank and file didn't fall for it.
Nice try troll.
Very true. They don't start stalking old companies, exes, old surroundings unless something is amiss in their current life.
@1dcy spot on, I always wonder about the mentality or, better stated, the truthfulness of people who left verizon 5 years or so ago yet they still continue to come here to the verizon board. Shows me they're either
A. Lying or
B. Life outside vz isn't as peachy as we're told.
If life is so great and you never looked back, you're looking back everytime you post here. So life outside vz must s--- just like life inside vz does, with less pay.
Reminds me of stalking exes in Facebook years after the relationship ended, sad.
@1dcy - Does Verizon not being able to pay it's dividend without financing it make you laugh too? Maybe you're the one that needs some help?
I was at a recent investor meeting with a firm that specializes in investing in companies that have a good dividend history. It seems Verizon is under close scrutiny. But don't mind me. Just laugh your way into buying more stock.
As others have said, a rumor that has been going round for years, but... it is pretty generous by most standards.
I wonder what the magic figure would be that would be enough to prevent most suits.
Maybe one week per year rather than 2, with the benefit period being similarly reduced? If you had been at VZ for say 10 years, would you sue if you got 10 weeks whereas you wouldn't sue if you got 20? Doubt it. But certainly has to be something or too many people would sue whether successful or not.
@myq - yet 5 years later, here you sit obsessing over Verizon and posting on its thelayoff board... you may need professional help.
Also - "near bankrupt company" made me LOL.
The max may be reduced but it will never go away. No incentive to sign the severance agreement would mean lots of lawsuits.
Heard it before, sure about a hundred times. Is it true, beats me.
The severance is just another write off for vz , maybe restructure it but going away all together is not likely.
you are fortunate to be gone...
A lot of big companies, includng IBM and HP have eliminated severance. And since Big Red can't even pay dividends anymore, anyone dumb enough to try to sue .... a near bankrupt company .... would be pretty stupid.
That said, I got my severance 5 years ago, got another job right away. And I am so happy to be away from the backstabbing @$$kissing V-Teamers. For them, I hope the severance is gpne.
Severance is leverage to counter thousands of potential wrongful termination suits. It would be financially unwise to eliminate it.
how can u be sure? that runor has gone around for years
yep. no more severance starting next quarter