I am looking at the spreadsheet right now.
9 weeks of pay in lieu of redeployment time
8 weeks pay enhanced retirement
Over 47 weeks maxes the payment out at 64 weeks.
Then $20k healthcare bonus (presumably in addition to COBRA from what I've seen)
There's something called a Capstone Bonus of $10k but no idea what makes one eligible for that.
Which age rule applies, just 75?
Do you have to meet the rule of 75, or will the 65 & 55 rules also qualify?
What pension?
You mean that extra account that’s confusing.
YAC9 if you have that many years behind your belt...how come you missed pension benefit?
With high interest rates, some of us will have low pension benefits being paid out.
Alternate option : hold on for 1 year, wait for interest rates to drop and take a fat pension pay out.
Intel as usual is offering candies for "instant gratification"
The benefit of getting G10 to PE is to show everyone how big of a target you are for layoffs
What is really the benefit of getting to G10 and becoming a PE ? More money but more responsibility and easy target for layoffs.
Thanks YAC9
Yeah I’m grade 9 only $170k per year
Wondering if worth staying around and try for PE
Nothing much in FM dir jobs
YAC9 responder again here. To answer your question I am G10. $313,000 is the amount from weekly base pay x 63 weeks. Then $20K extra bonus they are throwing in for healthcare. The rest is $36,000 SERMA + $27,000 Cobra + $30,000 stock accel = $426,000. Best package I've seen over my career and timing is perfect.
I am the OP. Info was US based. I am mid 50s, not near 64. It is 1.5 weeks per full year of service but maxes out at 47 weeks, then add the other weeks and dollar amounts.
5 weeks of pay per year? Here on the US it’s been 1.5. I doubt it will ballon to 5. Are you in Ireland or something?
OP are you us based? Are you 64+?
I don't see where they posted retirement yet as that is Monday
Isn’t it 1.5 weeks per year of service?
Why don’t they use all this money to just pay the people and have no layoffs?
YAC9 is right, 22% rate is withholding only. You will pay your normal marginal rates when you file. If you're not maxed out on FICA, you'll also pay that 7.65% up to the cap in addition to your marginal income tax rate.
@aqh+1tPhYAC9 What grade are you ?
$420k. How much is that based on base pay?
@nrz+1tPhYAC9 - Don't confuse the IRS withholding tax rate with the tax rate that you'll actually pay. That 22% sounds like a withholding rate, which is just what Intel will hold back.
However, I think (please correct if I'm wrong) that you end up paying taxes according to the normal tax table.
64 weeks, then add an additional 8 more for Sabbatical if you have one, right?
Yes, they have released an official spreadsheet to estimate your payout. For me it's great, I've been here almost 30 years, I get 63 weeks of pay + $20,000 extra + $36,000 SERMA + 18 months of Cobra + 1 year of stock accel = over $420,000. Game over for me, I'm taking it!
There was a note earlier about a Tax bump, yeah that's true but it is classified as Supplemental Income (severance pay out after you sign off on the Legal requirement), which is NOT earned Income (w2 income); tax rate is 22%. Go to the IRS Tax calculator and run the numbers, I did, and the numbers are in my favor.
The 9 weeks in redeployment will be paid as you sit on your duff getting refused time and time again, too many ghost openings at INTC. Glad I'm out/retired from Intel and now working for a smaller Company and loving it!
Did you make this spreadsheet you are looking at? Cause you aren’t close. It will be slim pickings. Intel can’t afford what you are suggesting. There’s no money. Hence the layoffs in the first place.
Anyone who is eligible and doesn't take this is a mo--n. I don't know where Intel found the cash to offer this package.
Remember that this will add to your salary and TAXES will be HUGE!! Factor that into your decision. .thousands before you have been through this...Me included. Best decision I ever made was working for a small company and leaving Intel behind. There ARE still good people and companies out there. Good luck!!
Capstone is for non exempts or exempt grade 6 and below :)
The retirement package does look fantastic, too bad that I miss the eligibility by just a few weeks! My rule of 75 doesn't kick in until 21 Nov, and you need to be eligible as of 30 Sep.
Good Luck!