I heard today from a very reliable source that Hans will be announcing the following on the Monday webcast:
1.) 60 week cap is being lifted to get more volunteers. So it will be a true 3 weeks pay for every year of service.
2.) Verizon will be announcing that they are selling off a major business unit.
Although people can change their selections, the reality of the matter is that the vast majority will not. Think of it this way:
Those who don't want the offer would never want to risk even clicking once as they may fear the company would track such selection and retraction and could potentially target them.
Those who do want the offer would never want to risk missing the deadlines on any technicality and some actually believe that the earlier they volunteer, the higher their chance of getting selected for the offer.
I am not ruling out the possibility of things happen where someone changes their mind the last minute, but the current selections I would say are 90-95% will stand. I bet the company is looking closely at the subset of those with 20 years or more, perhaps not enough people in that group have clicked.
Why would they lift the cap? If they don’t get enoug voluntary layoffs then they just do involutary layoffs. It’s not like Verizon senior execs can’t figure out what to do if people don,t take the package.
A lot of people may also wait until the last minute to decide to keep it pushed or unpush it.
How could they know how many takers they are going to get. Won’t a large numbe wait until the last moment to push the button?
So, will someone post Han's major points of his webcast tomorrow for us ex-employees?
If true i assume vz is not getting enough with high tenure to take vsp, that are the target with high medical costs and higher saleries, that they want off payroll. I hope its true.
I know many with 25+ years that were sticking around, as they have been through so many downsizings and know they would have to go find a comparable job with age descrimination as a barrier elsewhere or pay 20k + in medical. With cap off they were more interested, as they could more afford a prolonged job search and lower pay.
I totally believe that this could be true. The initial rumor for weeks was 3 weeks per year, no cap. Maybe they decided to see how many takers they could get with 60 weeks. I think this was a "lets see what happens". Like buying a house, the seller wants 400. you offer 380, they say no you want the house, you pay 400. I don't know how 1vfc could possibly know that most of the people who hit the button have 30 + years but even if that were so, it only maters if the anticipated # of people hit the button, not just that most were over 30 years. We all know who they want gone, removing the cap hits that specific group of people. And, being denied is not grounds for a lawsuit, That possibility is part of the package AND, they state that they will give preference to the most tenured employees. So, no surprises with that.
The legal argument may be that folks with 20 years of service and those with 35 years will be getting the same package. In a way, that could be construed as unfair to the older workers, who knows.
cool if it were true. I'd take the extra $$. Either way I'm outta here.
Let's also not forget that those they want to move to Infosys got a longer employment guarantee,
@1cnw They in no way got a two year employment guarantee. What they got was a guarantee of aggregate comparable pay for two years. Big difference. One of the addendums to the offer was "at-will" employment and they modified that due to backlash to agree to pay 35 weeks severance if you were let go for reasons other than cause in the first year. I don't believe for a minute that any of our Vz people will still be there after 1 year, let alone two.
@1cnw It certainly may affect those with less than 20 years. Every 20+ year person who now volunteers may take the VSP of someone with less years of service.
I still do not believe they will suddenly remove the cap. Multiple folks trying to get people's hopes up and cause a stir, which I'm giving in by replying here. Most of the people who already pushed the button have 30 yrs or more, so why would they now pay 90 to possibly 120 weeks pay/benefits to those folks, plus the additional they will get. AND, if there were no cap, there most certainly would be too many volunteers, in which case they would need to deny some, and that would only piss off those denied and could lead to possible lawsuits if it is not understood how they selected and denied volunteers.
But, IF there really was something to change, I could see them raising the cap to say 70 weeks, which would become double the usual RIF. In reality, I think the only announcement from the Monday webcast will be a high level reorg, and the the lower level reorgs, Sr VP-VP-Dir announcements will be staggered in weeks to come.
I totally believe OP. Removing the cap does not affect anyone with 20 years of service or less, so it is not like this enhances the VSP across the board. It only targets those older workers to exit gracefully, and that premium to mobilize those workers to take VSP is well worth the extra cost for Vz . Otherwise, any large RIF of those workers would certainly cause lawsuits and major negative press for Vz. Let me highlight why: How would VZ look if they are laying off people at a time when they just received a massive tax cut while their profit is as high as ever and their stock is at an 18 year old high. I do not believe there would be RIFs, it would be mostly sales and spin-offs of non-core assets attaching employees and debts to those sales. As far as removing the 60 week cap, this approach would be inline with the new strategy to make some concession in return for achieving their goals. Let's be reminded how they got union contract approved a year early, with something brewing now for us to realize why. Let's also not forget that those they want to move to Infosys got a longer employment guarantee, so that changed too (aside from just opening the door to also offer them VSP). Given those fine-tuning changes, it makes perfect sense if they also decide to remove the 60 week cap.
“Best to ask HR about unemployment benefits”
NOT! HR is not there to protect the employee. They are there to protect the company and their advice will always place the company interests first.
If you want the BEST truthful advice, call your state agency or get a lawyer.
Most responses here, while given with the best intentions, may not apply to your situation.
Who is gonna get fired over first the IT debacle with having to offer them VSP after originally not and then this possibility of removing the cap? What’s next extend the date a week and choose your separation date.
The 60 week cap will be lifted tomorrow to get more people to volunteer. This comes from multiple sources at headquarters. The numbers are presently much lower than anticipated and they do not want to have a RIF with all of the pending politics (5G legislation and positive jobs reports).
Best to ask HR about unemployment benefits
ilwe - they do not have to pay out unemployment on this. This is not a layoff. this is a voluntary buyout.
Unlike a rif, if you do not volunteer, you do not go. Verizon gets notified anytime someone applies for uemployment. They stated that they will contest it because you weren't laid off. If there is a rif after this, that is a layoff and you can apply but there are different rules in different states. And, they get a lot of bad press and the unemployment numbers go up as a result of a layoff and the stock market doesn't like that, but, in the eyes of the public a "generous" buyout to help employees retire early is a positive spin on something that gets them a wanted result. So, it would benefit them also to remove the cap. It would not be as a favor to us.
If it sounds too good to be true it usually isn’t true.
I have heard nothing . They will not take back 60 max, simply because there is no reason. Its a targeted move. Logic and common sense folks.
I work for VES and it wouldn't shock me if we got sold off. The company only cares about wireless. Every time that English VP came to talk to us with his mob of yes men it was wireless, wireless, wireless. Problem is no one in my facility works for wireless. As for FIOS, they never built out the network as advertised. Like GoogleFiber they bit off more than they could chew
@jmk “VES to be rebadged to Accenture.”
I wonder how Accenture's current 450k+ employees feel about that.
On the bright side, they'll probably get St Patty's Day off as a paid holiday.
Why in the world would they offer 3 weeks for every year service without a max? Why not just layoff people? They have to pay unemployment after severance runs out anyway.
"If your severance pay extends your employment, you might not be eligible for unemployment until it ends. In New Jersey, someone who receives severance pay or a severance package from a former employer may also apply for unemployment benefits."
Additionally, they brought back retirees during the last strike to train us out in Leesburg.. But if they are giving up FIOS side of the business there is no more strike, because there will be no more unions.
VXR7rsA-1tsv h Agreed, I don't care for the stipulation that we can't work for them at some point in the future. Sad.
They should also not dispute the unemployment claims, that benefit may allow many more employees without many years of service to take the offer.
It would be nice if they would remove the lifetime ban as well. That language seems unpleasant and unnecessary. Put a timeframe on it and after that let the market decide if someone is the best candidate to return or not.
I hope and pray, OP, you are correct. I have almost 28 years with the co.
Are only those have who have net pulled the trigger eligible for the over 60 weeks offer?
Def a wireline side business
Makes you wonder since we were just switched to G Suite and Wireless offering the Pixel
https://www.fiercetelecom.com/telecom/google-cloud-accenture-form-cloud-business-group-to-develop-enterprise-applications
Wireless being sold :)
VES to Accenture would be nuts. That would get people to click the package for sure!
Don't get excited, this is highly, highly doubtful. Some1 is messing with folks.
Damn! If that 60 week cap is lifted a 30 year guy could get almost 2 years pay and now cobra for a year and a half .
“VES to be rebadged to Accenture.”. Wow, if that’s true, just wow.
I was told late yesterday in Basking Ridge that the 60 week cap is being removed for the severance pay also. 3 weeks pay for every year now and Cobra being extended to max 18 months (company paid). VES to be rebadged to Accenture.
If true someone must be sitting their running numbers and not enough hm 25+ year people took it.
There must be a lot of people on some edge I can imagine though. If I was going to go or not I’m not sure another fifteen, thirty or even forty five weeks would be enough unless it got me on Medicare?
It would be odd though doesn’t that mean they could be pushing it out past cobra limits so how would they cover the healthcare?
I would think it will be FIOS sold off