Has anyone heard if IBM Canada will offer Transition / Pathway to Retirement in 2021? It was offered in 2018, and 2019. For staff >10 years service, at least age 55 or 30 years of service.
Depending on Band you got a work 4 days a week, got 100% pay for 8 weeks, then 3 days work for 80% pay for 8 weeks then retirement. You received a lump sum payment based on Band.
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HR told me 'no money allocated' to encourage retirements in 2021 in Canada.
Hard to believe, does not seem like much $$$, but who knows. Management likely thinks people will simply quit/retire anyway.
Given the way revenue is declining and no bonus or even cost of living salary increases, people may stay, work less, and wait for the axe to swing in Canada, like it has in most other places.
The 2019 plan was 4 day weeks, 100% pay for July and Aug.
then retire first Friday of Sept. Lump sum payment based on band - Band 9 was 75K approx.
This was Software group in Canada.
I know a few people who took the option, rather than waiting for the RA axe to swing and get a 'package' that required a fight with lawyers and possibly court.
Hi, the plan that was offered in systems back in 2018 was
year 1 work 60% get paid for 70% (3 days work)
year 2 work 50% get paid for 60% (2.5 days work)
year 3 work 40% get paid for 50% (2 days work)
Your IBM match was only based on the days worked, the "extra" 10% pay did not count towards the IBM match. If you were to look up your salary it would state the lower amount and the 10% was a considered a bonus
Talking to some contacts I have, they all told me that if IBM was to offer a T2R again they would be surprised if it was like this last one was. They do not see it going down to only 2 days work. They said that was based on feed back they received from IBMers on the transition.
I personally took the transition and will retire in July. The 2 days a week is a waste of time. They say we should be doing turn over, but most of the people I know are still doing work. They may or may not have someone to turn over their stuff to. All depends on your area. I find I work 2.5 to 3 days most weeks. You may say I am working for free, and I am, but my attitude is that I like what I am doing, I am doing it to help my friends and if I had something else to do (outside of work) then I would not do the extra work.
It all comes down to piece of mind and what your attitude is about your own time.