I’m hearing all kinds of rumors of a 1st quarter eisp. Many of the details vary. Anyone else hearing anything?
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Bump
Heard late February for off payroll end of March...3300 per year instead of 2200. May be some years added also....heard both 3 years and 5 years.
Both
“Coming late February?”.....is that a question or did you hear something?
Coming late February?
What departments?
3jdj, would you please post the additional sentences, or tell me where the new info be read? No one on the outside that I ran into has a copy of the new contract yet. Thank you.
The new contract extension continues contracting initiative letter till Jan. 1 2023. Additional language added so if VZ were to buy another telcom or cable co. in wireline areas those employees become union members.
@1vuk, I could be wrong but I thought 1nyj was being a little tongue in cheek via exaggeration to make a point.
On the topic of an EISP, IMO, it would have to be a massive incentive to offset the major hit many peoples 401ks have taken since September, combined with the destruction that the changing interest rate has done to buyout amounts. Years of gains have vanished for some, myself included.
@1nyj , no one said we are fine and we are at 110%. Read the article that was just posted . VZ is getting a lot of things lined up the next few years for a pretty big exodus of employees .
https://www.bna.com/verizon-made-1b-n57982091485/
What website shows the status of the pension fund?
Hard numbers are preferable to an anonymous poster announcing “Everything’s fine, we’re at 110%” who bases that optimism on nothing but wishful thinking or rumors.
“The only type of EISP to expect is one that targets select groups of craft. Anywhere this is an abundance of OSP / COT techs and jobs that are redundant will get EISP offers. If you are the only COT covering 1 or more central offices at the present then do not expect an EISP.” - @oqc
oqc, the very same jobs and locations that the people that took advantage of the VSP left are now being advertised on LinkedIn and other hiring sites as having openings. Therefore, it seems the VSP was more about shedding highly compensated individuals rather than any situation regarding need, or a person/position being dispensable. There’s still obviously a definite need for someone to do those functions. Those jobs are simply now instead being back-filled at a lesser cost by new hires.
It seems to me that the New Contracting Initiatives Letter added as part of the 2016 CWA contract, a stipulation that became effective just four days ago, allows a greater level of latitude in regard to hiring contractors to do traditionally union-represented work. Maybe I am wrong. You read it and see what you think.
However, if it is true, why not an EISP for all, if, positions can be backfilled with cheaper replacements?
“...the company expects to walk away from copper for the most part. Best to get trained in fiber and be flexible for job location...” - oqc
What’s the point to re-training, so long as the New Contracting Initiatives Letter may allow the same training to be given cheaper new hires?
@oqc, I hope you are correct, but I am not confident of it.
They are hiring opt’s off of the street. Some are in plant school now and some have been working in the field for 1-2 years.
The only type of EISP to expect is one that targets select groups of craft. Anywhere this is an abundance of OSP / COT techs and jobs that are redundant will get EISP offers. If you are the only COT covering 1 or more central offices at the present then do not expect an EISP. The company is working the office man power down to essentially days only coverage awaiting the chance to exit the copper to the field DT.
Same for OSP covering copper. In 4 years the company expects to walk away from copper for the most part. Best to get trained in fiber and be flexible for job location, or get trained in fiber and then exit the company on your terms.
@jgx, thanks, where did you find that info? Also, any idea if the VSP pay outs are withdrawn from the same fund?
I totally expect an EISP soon and if so I hope its across the board and not just a couple here and there.
Makes sense. They just got through the first round of managers leaving with more leaving in March and June. They will no doubt try to get rid of some associates next.
Bring it on!
Pension fund is funded over 85%
I heard the pension fund is enormous. First I’ve heard that it’s at 75%.
People in my bldg are, right or wrong, under the impression that there cannot be an enhanced offer at any time the pension fund is funded south of 75%.
Is there any truth to this?
If so, at what percentage level is the fund currently?