If you are undecided staying is probably the better option. Remember that this not an all or nothing offer. If you don't take the VSP and get riff'd in the future you will get a package probably worth 2/3 of the current offer so say up to 40 weeks not 60. The decision to leave now only gets you 20 weeks of pay that you will not get in the future. We are in a tight labor market but you will hard pressed to land a job with the combined benefits Verizon offers. For me, I'm riding this wave until it crashes. There are of course other factors to consider, the most important one I feel is mental health. Do you hate your job? Do you hate coming in on Monday and dread the week? If yes then leave. I like my job, I like my coworkers and I'm not taking the bait for an extra 20 weeks pay.
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My bad, 6 months + 1 week, not 8 months extra. Not sure where I got that number, lol.
Not correct. The RIF in the future is BAU which is 35 weeks not 40.
"So, the VSP is 25 weeks more or a little over 8 months MORE of free moo-lah over the standard package" Well, just under 6 extra months.
" If I understand,standard package gives you an option to go onto Cobra at cost on day one."
No, standard package gives no-cost Cobra for the same 2 week per year (35 week max) as the payout
The standard package is 35 weeks max at 2 weeks for every year. No where does it say 40 weeks. So, the VSP is 25 weeks more or a little over 8 months MORE of free moo-lah over the standard package. In fact, they are counting your past bonus in that salary figure plus adding next year's bonus to it. If you have 20 years or more with this company, I don't know why you wouldn't want to take it. You'll get your 2018 salary with bonus plus next year's bonus and 14 months of benefits. Gives you plenty of time to relax, pay off debt, find a new, perhaps better position, or even start your own business. If you die after volunteering, your spouse gets this money even if you die tomorrow, a cool little life insurance policy as well. The only part I see that might be a pain is unless you hit the rule of 73 before you separate, you lose your AD&D and Life insurance the day you separate (it's not part of the benefits package unless you hit the rule of 73 date). So you better buy some life insurance if you have a family who needs help after you pass. It's a no brainer for me, I'm outta here!
yes, there will be standard package, cap at 4 weeks
The 60 weeks of benefits paid for by VZ is a nice extra you won't get with the standard package. If I understand,standard package gives you an option to go onto Cobra at cost on day one.
The real risk is REAL. It could be 1+ year today, but if I wait the parachute can disappear at any moment. In fact, the lower headcount after the VSP makes it more possible to get hosed. Ouch.
If they were going to reduce the regular severance package ... they would say it now ... to scare more people into taking the offer. They in-fact are saying on the daily HR calls that there are no plans to change the existing severance package. If they did that within a few weeks after this offer they would be subject to a lawsuit and would end up giving 60 weeks .. .so enough worrying about that.
The real risk is getting rebadged to another company that gives none.
Standard package will stay. That's my gut feeling.
You cannot assume that the standard package will be in place in the future.
Standard package maxes out at 35 weeks, so for many with tenure it will be less than 2/3rds. But your point about not being all or nothing is valid