I heard from a credible source that the new sev package will 1 week for every year of service max capped at 20 weeks. Same for medical coverage. Sti will be prorated at 100%.
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Each will reap what they sow.....
I wish I was in the list :(
The source is your mom
a sr vp stated this was the "best kept secret" This tells me the inner circle is loyal an in on it.. and are protected so they are not leaking.. no telling what would be next. But loike a previous poster stated, it is more likely we will go down to a new normal than lock in a 60 week or better offer going forwrd
They keep saying at this time there is no plan to change it. How many quarterly meetings were we told that there was no plans for future rifs? Guess what the rifs kept happening. They want some to go. If they announced the package would be changing more then what they want would be leaving. You can’t just listen to what they say. You have to interpret their answer. I honestly believe this is a last chance get out and some time in 2019 the severance will be changed. No super secret sources just my opinion.
It was said (again) on today's HR call ... no plans to change the current
RIF Severance Package of 2 wks/yr with a 35 week cap.
The tax scam wa never intended to create jobs
Look at what happen under Bush, companies just bought stock, invested in in the company leaders but never the employee
What about Trump tax credit? Who took that money ? how it was used to generate jobs?
I do wonder if there are a couple folks who have heard anything on the severance. Also on reorg and relocate issues. A lot of unknowns right now. The bloomberg article about significant restructuring is causing to lean a bit toward buyout. It could be a huge turf war for budgets and resposibilty on programs, and big increases in scooe in reporting structures. Every day that goes by it seems things are getting more and more fragmented as folks dont know what is coming soon.
It's not a humanitarian benefit for the workers, it's the means to keep the better people from just walking off. Worker mobility increases wages and decreases stability. It's how they can squeeze workers from time to time without them just bailing the moment the find another job that's merely comparable.
Part of my maybe to this whole thing is basically they tell me Jan 5 you gotta move to x or bye bye no nothing or even just 35 weeks would both s--- though the later is a bit of a softer blow.
Special packages like this one and the one offered in 2003, as well as the older 6+6 ones tend to stand on their own, and have little to do with the direction of the so called "Standard Severance". The standard package is mostly used for more localized downsizing or when reporting locations are moved and people don't want to go. At the point the company is not trying to "entice" anyone to leave... The decision was already made that you are gone, and the "Standard Severance" is generally only there to avoid lawsuits, or unemployment claims in states that count severance. Since Unemployment in most states is 26weeks, I wouldn't be surprised if VZ one day caps payments at 25 or 26 weeks. Also remember the current standard 35week cap is relatively new. Dropping to a 20wk cap in the future, is a hell of a lot more likely than the 60wk cap becoming a "new standard".
As most said not guaranteed, but the company treats severance and other RIF type stuff on different line items and it's written off. So when there is a high layoff it's good for the books and the more they pay the better for them. So hopefully they will keep the present and not mess with it, because soon after this one they will certainly rif again.
Fake News.
People have been spreading this rumor for 10 years. Much ado about nothing.
Severance pay is a humanitarian gift from the company to help the people they just laid off.
It is never guaranteed or owed. The "threat" of this being replaced with a 2 week package ... flies in the face of Verizon's credo as a responsible company. HR says no plans to change this in the near term.
For younger workers with a family .. severance pay/cobra is critical to bridging to the next job. But
for the target audience of this Management Offer: (50+ /20+ ) the money is the sweetener to get you to push the button. If you are of this age and you don't have other assets/investments prepared for retirement then this money is not going to help you ...
Martha has stated maybe in 10 years they will change it on the daily noon call.
obvious trolls still gotta troll
I credible source? your backside?
post your source...………..
its pretty obvious it won't be as lucrative as before but if you feel better flaming away at the OP then go right ahead!
I believe their is some truth to this post. While I think the numbers may be off I can guarantee you that the standard 2 week structure will change in 2019.
Just remember that severance packages are neither mandated nor guaranteed. The employer has total control over severance policy or if the even want to have one. A severance policy can be in place today, changed tomorrow and eliminated next week. It is all up to the company.
Scratch the surface here to find posts describing the current state of affairs weeks or months before the event. This will be another post to float to the top when, in disbelief, the hangers-on come here to vent about the 1week/year offer.
I am sure there is some truth to it cause it happened at my telcom company after being bought out. They did not offer a RIF package to us, but they did increase the total severance amount for people who stayed with the company for 20+ years by 5 weeks. But when they realized that majority of the layoffs in USA would be towards the end of 2018, they decided to take away the 5 additional weeks and cap the max to 25 weeks for anyone with the company 25+ years. Another words, the company has the right to change the severance package as they see fit without input from employees and any time they wish. My companies excuse was because they promised share holders they would cut over $1.5 Billion within the end of 2018.
People here sure like to "call BS" a lot.
It wasn't too long ago they were confidently "calling BS" on the possibility of a buyout package.
My credible source said 4 weeks, period.
This is such BS! You did not hear anything like this from your "credible source" and you totally fabricated the details of your so called severance. OP, try to get a little more creative, so your BS post sounds at least a little believable. SMH
I call BS. They are so busy looking at all the different variations of people going off payroll between now and June that no one is focusing on 2019 policy. If you think HR is that organized, you are delusional.