Is there anybody here who was with the company 25 years ago, when the 40k culling took place? I'm curious if layoffs then were done the same way as today or was the company at least a bit more considerate and transparent with its employees? Also, what was the severance like back then?
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I forget the amount but an older colleague of mine at the time took it as they said they would be absolutely crazy not to. I think it was either 5 and 5 or 7 and 7. They added 5 years to age and 5 ys to pension along those lines, The retiree could not come back but then reversed that decision and he came back as a contractor after some time. He was very knowledgeable and very highly thought of,
Legacy -T had what was known as VRIP but I believe that was 1998 if I’m not mistaken. There was a mass exodus of 1st and 2nd level managers. so many applied it was capped. It was a pretty generous offer from what I understand. Don’t think you’ll see anything like that again
I was there. Management left with a great payout. My second level in 1996 left with over 800,000.00 They had to cap those wanting to go. So no today is much worse and as they continue to cut benefits I see no improvement on the horizon 😜
I was in L-T and this was after Klinton's Executive Order than made a change to the accounting standards that permitted IBM, T and many others pay for retiee healthcare out of the pension fund instead of operating expenses. The result, I had to work 10 yesrs longer, till 65 to get the same pension I would have gotten at 55 before.
Fast forward to last December and the mother f*cker Stinky removes the healthcsre from retirees. So much for me working those extra 10 years.
There was a class action lawsuit that wnt on for like 10 years which I was a party too. Of course the courts ruled agaist us.
That was in the good moany days when the stock was going wild, and Landline business offered lots of incentives and money for people to leave. Any culling would have been bargained, bottom up, and management based on performance, as usual.
Wasn't that legacy T ... VRIP was the acronym du jour at time.
I remember several co-workers leaving around that time - I recall the severance being 1 year's salary. They were management employees - equivalent to L1-L2.
I had 16 years in and don't remember such an event. Was it management?