about half of what was offered in 2011:
9 months base salary plus 1 week of Weekly Base Pay for each completed Year of Service from the 10th Year of Service to the 19th Year of Service; and
(ii) 2 weeks of Weekly Base Pay for each completed Year of Service from the 20th Year of Service and beyond.
Health Care Benefits Payment: A lump sum payment (grossed up to cover taxes) equal to 9 months of COBRA premiums
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Health Care Benefits Payment: A lump sum payment (grossed up to cover taxes) equal to 9 months of COBRA premiums.
Does anyone know this covers spouse/family? or only employees?
The only difference between the sinking Titanic and Cisco is the Titanic had a band. I am glad to be getting out. Already got a great job with equal pay lined up. So, I’ll take the ER and the Cobra lump sum and the years of service comp, + vacation payoff and Be happy i don’t have to hear Chuck condescend to us about diversity and White Priviledge any more. Cisco makes me sick. Can’t wait for my last day on the Life transition plan. I also hope California tumbles into the Sea.
The ER package is conveniently voluntary, therefore, no room for negotiation.
The IPF exclusion, or any other exclusion, depends on the function.
It's nearly 5PM in Calif, i have not received ER email. Have all messages gone out? Can anyone confirm the 1.25 IPF threshold mentioned in this thread? I thought I heard if over 1.4 or 1.5 not eligible. Good luck to you all.
"The Plan is an incentive for eligible employees who may have been considering a voluntary exit for early retirement or other personal reasons from Cisco over the next few years to move forward with their planned exit. " - HTF, can one "retire" early or reach "the next few years" with this plan?
FYI Sales guys don't get IPF..! Won't help.
Received Fran note at 11:01 am PST
Just received on west coast. Fran deems me eligible :-/
Really disappointing! ER package is not enough incentive for me to stick my neck out! Let them lay me off! I plan to aggressively find another job, and time it to align with the LR, then beg my boss to lay me off!
If your IPF is greater than 1.25. You are not eligible. Sad when you are penalized for being a good performer.
Cisco really has very little $ to spend vs before, so be satisfied with it, we have to fund thousand eye purchase, also, my knowledge as a insider shows books are cooked to ensure it looks good just like rest of dot.coms, we double book product revenue and service revenue, and even increment monthly when they paid already yearly.. glad we still have some hardware old in the field, these are bread and butter for the tac service contract now.
once all hardware is gone, then more layoffs! I see next 2 years will be like that.
9 months is a lot.. you almost can take one year leave and enjoy life.
start a new life.
Golden parachutes don't just fund themselves...ELT deploying ad nauseam lately. Almost blinded by all the golden light......
Math still works out fine. Believe 7k people are eligible. They were expecting 50-60% take rate, so 3500 people, average $150k-200k/head buy out, works out about right. LR to make up the difference in the end.
KK will be give $100M as part of her golden parachute. The remaining $800M will be spread between us peasants on peanuts.
How TF does Cisco even plan to spend $900M then as one-time severance pay? ER package is abs. useless and doesn't pay generously as we thought.
It must be planning to lay off at least 10k employees in this case by the end of the year. That's the only reasonable explanation.
Where is my EMAIL?!?! 😡
This package falls far short of my expectations ... Conscious culture????? Really??? What Joke Cisco... I thought more of you than this as you all sit in your ivory towers!!!!!
Fran is typing as fast as she can. Its lunchtime in SJC, ELT has to eat too ya know.
Does anybody know if all the west coast emails have gone out? It's 10:42, and I don't have an email yet.
It’s pretty ridiculous during this COVID pandemic times, they offer only 9 months medical of COBRA. Last ER package was 2 years medical, non-pandemic times.
HI Anonymous - I thought I did too (that I qualified), but maybe some nuance based on the "Other exclusions by function" came into play...
- no email yet...
For those saying "ER package suks, wait for LR package", why do you think the LR package won't be just as s—y, compared to last LR? You're potentially betting on a horse that may turn out to be a mule. Bird in the hand and all that. If the ER package allows you to slide out, find another job, double dip, why take the chance on the LR package being ridiculously cheap?
Have all the San Jose ER notices gone out? I qualify, but have not recieved as of 10:20AM.
Cobra coverage is extended due to COVID, check by our stTe unemployment office.
BTW screw COBRA it is a rip off, way too expensive.
Search for individual or family insurance and eliminate the slavery.
i think the early option sep 21 is a trick to deactivate you and prevent you getting the bonus on sep 30
i got the email on east coast 10a et - says managers do not know who eligible.
it is much less than 2011
9 mos v 12 month salary incl bonus
9 mos health v 2 year health
agree with comments its bad! what is different from 2011 - ceo and elt had compassion for the cisco family in my view!
Got the email notification at 10am PST. I’m in San Jose.
West coast emails arrived at 10:00PST
If I remember my LR package (from a year ago) correctly, we had 4 months base salary plus time of service and the COBRA payout was 4 or 5 months. This looks like a good deal to me...especially for those that are looking to "get out."
RSU acceleration through Feb 10 2021. If you have after that. Lost.
Maybe they sent out the LR package by accident? LR packages were much better than this....
The Age Discrimination in Employment Act (ADEA) of 1967 protects workers 40 and older. In addition, if you’re in that age category and you’re part of a group layoff, you’re also protected by the Older Workers Benefit Protection Act. This gives you 21 days to consider any severance offer, and another seven days to revoke your agreement. If you think you were laid off because of age, you may also contact the Equal Opportunity Employment Commission (EEOC) to file a complaint. Depending on your state’s laws, you might have an easier time of winning a case. Generally speaking, states such as Illinois, New York, and California have stronger employee protections.
Have all the emails gone out - even on the West Coast USA do we know?
Is this grade dependent?
9 months of COBRA - really?! Kicking your older employees to the curb with practically no health insurance during a pandemic is just plain inhumane and cruel. I guess this is what is meant by "conscious culture"? Sad day indeed for Cisco.
I have not been notified - what geo/BU are you in if you don’t mind sharing?
AMER (RTP) - CX
they're f'ing over the people who know how to make everything work together. everyone should tell Cisco to shove it and then create a class action lawsuit over the number of people laid off over 50. THAT would be an ER package.
After all the hype it is quite disappointing not much to work with unless you were already working on leaving. Given we are in a damm pandemic !
You should have known this. Large companies that failing get progressively worse packages and then there is no package. Cisco has been "restructuring" for decades. A company that turned around would have stopped "restructuring" long ago. Ask anyone from Nortel. At first there are big packages but then there are tiny packages, then they close.