Heard from a source at corporate that the board has approved to cap the severance paid out to 30 days only regardless the tenure. Could be pure speculation.
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Don't forget, back when VZ axed the pension there were only following IBM's lead in being a hollowing out shell trying to right the ship by taking it out on the workers.
Vdsi is also cutting I guess
It will actually be 25 days
Remember folks...regardless if you clicked or are subsequently Riffed with a lesser package (3 month notice and 30 days). if you leave any time prior to your end date? You dont get anything!!
You assume all that click ed get it but bad assumption
I don’t understand if you all are so afraid of a 30 Day Severance the company gave us all 47 days to take a generous offer. If you didn’t take it and are now afraid of the probably 3Q or 4Q rif packers it’s on you!
Good luck
@fip “3 months notice and 30 days pay” essentially this gives people 4 months to find a new job. Not too bad compared to other companies going bankrupt like Sears, Toysrus, etc., I will still take it anytime. It simply comes down from 35 weeks to 17 weeks.
@bpz yes, they are officially changing the policy in employee handbook. VZ will cya nicely itself, no worry.
there are no disparities between wireless and wireline. They both have the same notification period and 35 weeks severance (standard).
Heard the same. 3 months notice and 30 days pay. Makes sense to me especially with a wireline/wireless consolidation and current disparities between the two spaces.
"A promise contained in an employee handbook or book of personnel policies that tells employees that they will receive severance pay if they are terminated;"
Exactly. I worked for XO, which gave one month of severance pay, per year worked. Verizon gave two, so it was specifically written into the merger agreement that if former XO employees were laid off before February 2018, you got the XO (one week per year) severance package. If you were laid off February 1, 2018 or later you got the Verizon severance package. The vast majority of former XO employees were laid off before February 2018, including over 1000, one month before they would qualify for the Verizon severance package.
The point is Verizon has to legally follow their promised policies -- at least until they officially change them. It's not quite the wild west out there that some seem to imagine. At one point when I was employed by XO they changed their vacation policy and made sure all employees signed on the change of policy, so obviously it had legal ramifications.
You may change your mind about a lawsuit when you find out what your legal fees could be.
We know about class action lawsuits, the pay out is usually dismal for the plantiff.
The lawsuits that a more substantial severance helps mitigate are generally for age discrimination, harrasment, and a laundry list of protected classes and process issues taht arise during rifs. Even though former employees can sue even after signing for a severance package, many less do after recieving severance and signing a waiver of the right to take further action. If only lossing 30 days of severance, many more will sue for the above reasons. Also, with large rifs occurring with regularity, it helps with overall performance/talent retention to know there is some small fallback if staying at VZ. Some shortsighted leading companies are cutting back on severance significantly as they think the benefits are outweighed by the savings. VZ may follow the lead.
wad, well said
Generally speaking, there are only two situations when an employer is legally required to offer severance pay. First, some states have laws that require employers to offer terminated employees severance pay when their terminations are due to a facility closing or the company is laying off a large number of employees. In these situations (and depending on the state's laws), employers may be required to give a small amount of severance pay. To find out more about the laws in your state, you should contact your state's labor department.
As for the second scenario, employers may be legally required to provide terminated employees with severance pay if they led their employees to believe that they would be paid severance. This is often evidenced by:
A written contract (often an employment contract) that calls for a severance package;
A promise contained in an employee handbook or book of personnel policies that tells employees that they will receive severance pay if they are terminated;
A history within the company of giving severance packages to other employees that are in the same or substantially the same positions as the terminated employee; or
An oral promise from the employer to the employee that he or she would receive severance pay upon termination.
What lawsuit would be legitimate?
VZ would say - we gave you the option to leave with a settlement and you declined.
Reducing severance is perfectly legal. No severance money has been written into anyone’s employment contracts (below director levels). Same with STI - I’m surprised we still get that. It’s never been guaranteed (again below director level).
All we know is that anything is possible with Hans at the wheel. He doesn’t have to answer to anyone about his decisions. The “this is how we have always done it” carries no weight in this day and age.
No one is being a troll for bringing this to people’s attention. I think it is a cautionary warning to be prepared - hope for the best but expect the worst.
What lawsuits? There is no law that states a company has to pay severance. If they chooose to take severance down to ZERO there is no recourse.
Get out of here with that nonsense.
https://www.businessinsider.com/ibm-layoffs-1-month-severance-2016-3
Article on IBM.
I guess one thing that Verizon would have to consider if reducing the RIF package is what lawsuits they might incur. With a month's severance not being that much money if faced with this situation I would probably not sign the waiver required and consider legal action. I imagine especially if someone is older they might have a case to get more dollars.
No the original person was me
I wouldn't doubt it. This was a rumor for many years when I worked for Verizon. If they are trying to cut cost this would be one way to accomplish it.
I heard a rumour this is total speculation, at least from what I heard.
HP did the same thing so it can happen anywhere
@WueiFe1-gvw You are exactly right. Verizon has partnered with IBM in expanding ways and fully plans to follow suit on the standard of 30 days pay for severance.
@WueiFe1-rfj Why are you so hateful? Lawyers absolutely will not get involved in something that is not required in any way. The company can lay you off today and walk you out without giving you a dime. Do not be so naive.
This is the same BS, I have heard since I got here.
I doubt they do that.
Note, I have been Infosys'd so it does not affect me.
Lots of hate-filled trolls out here today.
the countdown is on.
Severance is not a legal requirement. VZ can change the rules at any time because they call the shots in that area. Paying large severances when they are obviously trying to cut costs dramatically no longer makes sense. I have no reason to see why they would not go to a standard 30 day separation. I’ve heard from several directors that they see this change coming with VZ 2.0.
we get rejected and now this. Wonderful
Some here are delusional.... no entity is required to give you anything on your way out. I know that is
hard concept for some to understand. Be glad for whatever generosity that might come your way.
They lowered the severance period to 30 days at IBM...I don't know why anyone would think that is speculation. I could see it happening here.
Speculation from a board poster
alot of entitlement behavior here. employment at will. severance not required to reduce headcount. no lawyer would take any case based on this theory. job could be termed today and no recourse. deal in the real. state wage and hour would be happy to educate you.
Said right in the last batch of vids from Hans and in the Voluntary Separation, that they were moving to 30 days severance.
another spammer
Does the same ahole keep posting about this 30 day layoff?
It is speculation.
If they do that, the next layoffs could get lawyers involved.
It would be really bad publicity.
Speculation at best, total BS at worst.
I heard speculation is speculative at best. 🤔