I'm confused. Is the early retirement package mentioned below only offered to certain people, in certain locations, at certain levels? I asked my manager about it and she said it definitely is an option, but then when she went to HR, they denied it. Any suggestions?
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the package which people keep omitting is 9 months at 70% pay...not 100%
You’re dead wrong. There is about 50 posts on this site that show you’re dead wrong
Staggered how people cannot read and discover facts accurately
the package which people keep omitting is 9 months at 70% pay...not 100% ...
It is super generous if you compare it to what other companies are offering for early retirement.
Compared to others, it may be. I don't know what other companies are offering.
But, compared to the previous early retirement package, it's quite a bit less than what was offered before. Cutting the health benefits coverage to match the severance during a pandemic when the earlier offer included health care for twice as long as the severance pay.
7 days ago by David | Post ID: @7mfgt+Z9JCD8S
David has said :
9 month of base salary and 1 week of salary for every year after 10 year and 2 week of salary for every year after 20.
Does that mean someone with 25 years gets 9 months(36 weeks) + 10 weeks + 10 weeks = 56 weeks. That is 13 months. Wow! 13 months of Salary to leave is the best offer in the industry. It is super generous if you compare it to what other companies are offering for early retirement.
and a lump sum payment (grossed up to cover taxes) equal to 9 months of COBRA premiums
Cisco does not offer early retirement to everyone. It has a combination of age plus years with the company to qualify. The current package isn't as generous as the one in 2011.
A person who is offered the early retirement package doesn't have to take it. They may or may not be a target of the LR. It's a gamble.
The LR is different. It will be targeted at specific people and will have limits based on your years of service. You have no choice. You can accept it or you can take the company to court. Either way you are out.
Just now got my letter. The package is lower than 2011. 9 month of base salary and 1 week of salary for every year after 10 year and 2 week of salary for every year after 20.
No, you have to wait for the notifications on Tuesday.
Anyone know how the package was structured? Like 1 mo salary per year of service or something?
No, it was offered to people that had age + years of service > 60, IIRC
1fcj They offered early retirement packages twice. The last one was in 2011. It was offered to all, both times.
cisco does not offer individual retirement packages. anything written otherwise is bogus.
If it was offered to you, what were the terms? I would take it...
I have to decide by Friday. Is anyone NOT taking it? Why?
They offered early retirement on 2 occasions.
I can qualify for early retirement and seriously considering retiring at end of Q4 - end of July. Should I ask for retirement package or just quit ? I don’t want to wait around until Aug or Sept just in case they offer this package.
I know it’s not a rumor because I got it.
the early retirement rumor is totally bogus - don't fall for the bs on this site
They peppered it out to avoid too many people taking it. Current plan is still to offer it to all eligible employees in August.
I have heard of particular individuals being offered a package, but no broad program for those whose years of service and age total 65 or higher. I think the message is, if offered a package, take it.
They did early retirement once several years ago. They will not do it again because they can't control who leaves. Your options are, get LR'd and take the package, Take an LOA so you can have insurance for 2 years or walk away. Cisco does not offer a retirement.