I read somebody mention that Intel will no longer be giving out packages to those laid off and I'm not sure if that's even legal? I thought they were obligated by law to provide severance, am I wrong? I mean, if the company is not obligated to it why would it be doing it at all?
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Right after I hit rule of 75, I worked a private deal with my boss to get out. So I took a retirement package. I got 6 months pay and a bunch of RSU's pulled in from the next year. I also convinced a bunch of people to give me instant recognition, that was good for >$300 and my Boss gave$300 instant recognition too. I miss my friends, but not the "work". Happy days!
I'm not @1fsa+186caH6R, but I was under 40 when I got laid off.
@1fsa+186caH6R, Glad you are in a better place than Inhel. May I ask if you were over the age 40?
Severance is the leverage that Intel holds over ex-employees to agree not to sue them for age discrimination or other wrongdoing in which Intel participates. Agree to the gag clause: severance. Don't agree: No soup for you.
Ironically, I was part of the ACT layoff in 2015 because my manager gave me an SL4 because I was a new employee (this was my first full year evaluation). She told me that new employees receive SL4s and have to work up. Which is, of course, a lie. Needless to say, I didn't get much severance and Intel lost someone who they just invested in hiring. I've got much better job now but still shake my head at how stupid the the layoff was.
The last time Intel gave out severance that was more than 1 week pay/yr was during the big ACT layoff of 2015, and only if you got a Voluntary Severance Package (VSP), which was offered to more senior people (as in age and grade). If you got an Involuntary Severance Package because you got a S and SSL4, then it was 1 week pay/yr, which is basically the standard now for layoffs. I heard that BK regretted being so "generous" with the VSP packages. You will not likely see anything close to the VSP packages of 2015.
Now that the SSL levels are supposedly removed in the focal overhaul to "Insights", who knows what the criteria is for layoff. The sliding bars are just a vague metric. This is to allow them more leeway to justify your termination.
I got laid off two years ago. Intel gave me one week of pay for each year of service.
Severance payoff is basically for you not to sue Intel which is bogus. You may still sue them. Intel used to pay 2 weeks/year but now I hear is only 1 week/yr. Not sure what will happen if they layoff 50K people. That would be way too expensive for Intel.
I got laid off 2 years ago without severance. I was supposed to get one, but apparently found a new job too quickly. They said I could only get the severance if I stayed until the end of the transition period, which was four months later.
Intel is not legally obligated to provide you with any severance whatsoever.
And please don't say 'because it's the right thing to do.' That would truly make me laugh.