everyone manager i talk to is in this mode. they know that ER acceptance will be very low , leaving them with the painful task of layoffs. they are just waiting for the post-Labor Day official number. most people out on pto this week anyway.
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Are you saying the payout for ER is changing? I believe it's stated already that it's payout is shortly after the Oct 5 exit date.
I'm sure there's some sort of law that forces them to pay you within x number of days of termination of employment. If they really wanted to help you tax wise, they'd make your last day of employment under the ER plan be sometime in Jan, not during TY20.
What an evil bunch of decision makers they are.
I've been employed by worse. A company I worked for setup their 401(k) matching as a lump sum contribution in Jan for all employees still employed by the company on Dec 31 of the previous year. They had a site where they let a half dozen or so people go, then let another half dozen or so go, including me a month later. I was called in first thing Monday morning after Thanksgiving to be informed I was terminated. My severance was 2 weeks plus and additional 2 weeks if I signed the paperwork agreeing not to sue them for any wrong doing. They had a copy of the non-compete agreement I'd signed upon joining them as part of their required on-boarding docs and it said I couldn't work for their customers or competitors for a period of 3 years. I didn't get anything for my COBRA benefits, but they did pay me for any unused PTO I still had accrued.
When you added up the 2 weeks pay plus the additional 2 weeks, my employee status was terminated on Dec 28th, 3 days before the deadline for matching my 401(k) contributions. The HR peon who was handling my termination tried to tell me how great that package was.
Anyway, that was a LONG story just to say that the company had now reduced the number of employees to 49 by Dec 31st. On July 5th, just over 6 months after the Dec 28th terminations, they laid off everyone in that office and didn't give any notice, any employment assistance, etc. all because they had reduced the office staff below the 50 number as required by the WARN act.
Damn if it wasn't fun to contact that HR peon when I heard about it and ask "So, how good is that package now that you're getting it?"
Bean counters don't care about people's livelyhoods.
Are we expecting them to release the number or is it wait and see on October 7th?
During the last few rounds of LR, Cisco has displayed almost no transparency.
They cannot do anything that looks like they are bullying people into ER. That can open them up to charges of age discrimination. I’m also sure there’s no way they’ll change the dates, beyond maybe a short extension “due to overwhelming demand”.
"To make people jump on the ER, they will make the ER package payable in Jan 2021 but the LR package payable in Dec 2020."
Are you saying the payout for ER is changing? I believe it's stated already that it's payout is shortly after the Oct 5 exit date.
Has ER acceptance always been low historically when Cisco offered it in the past?
To make people jump on the ER, they will make the ER package payable in Jan 2021 but the LR package payable in Dec 2020. A second trick will be to make the LR package significantly less than previous LR packages. I heard these rumors from very reliable sources.
What an evil bunch of decision makers they are. I got the ER package but will wait till the last minute before clicking on Accept.
Are we expecting them to release the number or is it wait and see on October 7th?
I would only be guessing, but if the ER numbers are low, they may extend a week and inform those that are eligible that they LR package is drastically lower than in the past. I expect that to be the case and a lot of people that are part of the LR will be shocked. If the government extends the unemployment bumps, I could see Cisco using that as a reason to limit or eliminate severance.
People need to think long and hard about that.
bad situation allaround