Anyone hearing the rumor that the management severance package is being changed? ( reducing the weeks per year and max weeks payout)? That’s what I’ve heard.
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@8chy+171FyOUj what's the point of trying to sue? They are not legally bound to pay severance. They only need to provide 60 days notice. They could get rid of the severance program completely if they wanted to.
Severance money is like hush money and the amount given is carefully calculated, just like an insurance actuary calculates policy premiums. If they reduce the package size by too much, more people sue. Driving up legal fees and negative media, either way they pay. If the package is ‘just right’ they can better control costs.
@2fbn You stated "Well, 3 months have passed since they announced layoffs."
When has the company announced layoffs? What department? Management or union?
https://www.edd.ca.gov/Jobs_and_Training/Layoff_Services_WARN.htm
If the company does par, only the first people laid off with a voluntary package get the max benefits. The last ones do not get anything. This has to do with the WARN laws in California. No warning gets a fine for each employee. Well, 3 months have passed since they announced layoffs. They do not have to give anything because the warning period already passed.
When they started with the routine layoffs in 2006 or 2007 I would go to the library in about you and pull up the severance package every few months and read what mattered to me to see if there were any changes. It also has a date on it so if it’s different from the date on the last one you looked at, read it carefully. I would print it and highlight changes. I refused to ve blindsided.
I don’t think they have to notify you of severance changes. They are not obligated to pay severance. The reason some companys pay severance is because they use it as a bargaining tactic against lawsuits. You have to sign an agreement before they will give you severance. They can change or cancel severance at any time although it is not in their best interest to do so.
Here are the rumored changes:
- One week per year of service
- Severance capped at 13 weeks (3 months)
- Minimum notice of 28 days
Lowering the max to 35 was not announced. Someone stumbled on it and word got around very quickly.
Rumors, rumors - thats all
“ I do not think the severance can be changed without first offering everyone a chance to take the current one for example by year-end, then it will take hold afterwards.”
I hope you’re right, bring it on Hans, I’ll be at the front of the line.
I do not think the severance can be changed without first offering everyone a chance to take the current one for example by year-end, then it will take hold afterwards. There is a very strong chance it will be changed not for anything more than just discouraging seniority benefits.
Severance max weeks was changed when wireline and wireless merged at the corporate level. Prior to that they had difference maxes. I doubt there are any current plans to change it.
The Reducing of the 35 week max severance to 1 month or 90 days has been a long standing rumor since the 2018 VSP offer. IBM which is usually a bellwether company, reduced their max severance plan back in 2016 from 23 weeks to 1 month. The last time Verizon made a change around I think 2014, it was reduced from a 52 weeks max to 35 weeks and it was buried in with other policy changes at that time effective January 1st.
No, but you can look it up in “about you”