Lots of discussion underway about strategies to minimize severance. Being last is not always best. Work hard but you will not get a second bowl of soup. The leadership is laughing all the way to the bank !!!!!!!!
Is this true? The severance is low as it is, and they plan to cut it further?
Every country is different. Canada would cap out at two years, US would be one year. Get a lawyer !
3qyb when were you cut ? This year, last year or more ?
I thought severence was capped at 52 wks / 1 year
Does it matter if you are close to retirement age ?
The latest cap is 52 weeks.
Was the 2 year given this year?
I th out the capped at 1 year but maybe that was bad info
Was with PepsiCo for 25 years and got a 2 year severance...benefits inc....can't complain.....if they do not want me I'll take the two years and go away smiling.
Many employees mistakenly believe they are only entitled to one week of wages per year of employment. But the common law in Ontario and BC requires substantially more severance. An employer must give adequate time for legal review of your offer regardless of what Pepsi sets as a due date. If you don’t get a lawyer, you may think you are getting a generous offer when it actually falls far short of what you are entitled to.
Severance may vary by Canadian province. In Ontario the law requires 1 week of severance pay for every year of work up to a maximum of 26 weeks. I was let go in Feb. and my package exceeds the maximum of 26 weeks by a significant amount (sorry...NDA agreement prevents further detail)
My advise, if you are offered a package consult a labour lawyer to ensure that you are getting everything you are legally entitled to. Also note that PepsiCo gives you rather short time window to sign the package. If you fail to sign the documents before the due date then PepsiCo will only payout the amount required by law. In my case the difference between what the package will payout compared to what is required by the Employment Standard Act in Ontario is significant.
Severance is most likely different for each country depending on labor laws. I think laws in Canada are closer to 1 month for each year. I am sure I will find out sooner rather than later. Anybody know what was done in Canada ?
What facts do you have about lower severance ?
Everyone I know has received 2 weeks for each year of service
in any way control or let control your severance pay : there is a payroll trick at Pepsico to make an error in the pay-out at first.
This is just a theory: At least in my team, they've so far cut just enough of us in one fell swoop to rattle the remaining FTEs to pick up and perform the duties left behind, but not so much that the team falls into immediate and total disarray. Doable, but it will be a hell of a time for those that remain. PEP's goal, coax them to resign voluntarily, before the next round of cuts, so that PEP doesn't have to pay them severance, too. Torture yourself for some unknown length of time and let them cut you eventually for possibly meager severance in exchange, if you assume the rumors are true, ... or resign before you're consumed by the epidemic of insanity? It weighs heavy on the FTEs remaining, especially those who racked up more than a decade of service. Great strategy, PEP! Stick us between a rock and a hard place!
LMAO !! Significantly more ? Please don’t tell me they are playing the same games with severance as they do with promos! If your in the club you will do well. If not, you will get crumbs. The people I know got nothing more than a lawyer would easily get anyway. PepsiCo should be ashamed of the way they have treated long term employees who were close to retirement.
PepsiCo is only required to pay out the minimum/maximum required by state/provincial law. I was let go in Feb and my package was significantly more that the maximum required by law. If the company continues to hit its profit targets then it severance payouts may be safe as the company has allocated over $800 million for severances and reorganization.
However, if the profit targets are not hit then it is safe to assume that a cut in the package is more likely than a cut to the $3 billion they company is spending on share buybacks as the company will be looking to further reduce headcounts and will have overspent what they budgeted for severance
I doubt it. They’ve set a pretty strong precedence for current severance and three transformation plan is locked in. I’d imagine severance stays consistent but who knows.