Anyone has information on STT year 2022 layoff plan? Does STT has a early retirement program for those 55+?
14 replies (most recent on top)
People seem to think that State Street is going to generously offer severance packages to workers who are no longer happy and want to leave, as if this is something the employee can choose. The only way you're getting a severance package is if they lay you off, and it probably won't be as generous as you're hoping. You don't just walk into your manager's office, say, "you know I'm really tired of working here, can I get a year's pay to leave and go find a job somewhere else."
If I'm wrong and there really is a way to voluntarily resign and receive some sort of package, please let me know. I'd be the first one to take it.
I'm sure State Street is upset that they had to put the vaccination mandate on hold. That was going to allow them to force the un-vaccinated out, call it a voluntary resignation and not have to be on the hook for severance or unemployment. That's the way they think.
I am also very tired of working at STT anymore. Too much work, too much politics, no pay increase, minimum bonus, constant forced knowledge transfer to offshore and new H1/F1 coworkers, frequent layoffs .... The past ten more years has been more of tortures at STT. It seems a better choice to get a severance package and leave.
you need to move to India too get full State Street retirement benefit. They will change the name to India Street next year
Since STT strategy is to replace all US employee with H1 and offshore especially those 55+, it would be the advantage of STT to negotiate a cheaper deal with those 55+ who voluntarily being laid off. Such as a package without the 90 days talent pool, but extra 2 weeks of severance pay.
@Post ID: @4apc+1exKTCVf
Workers are not in the position to make any deals when it comes to a package.
When they give you a pink slip the company has already decided what you will get for a package.
When I was laid off I received 12 weeks plus 2 weeks for ever year I was with the company.
Mgrs and higher ups got 12 weeks plus 3 weeks for ever year they were there .
But I know through current and former friends the company changes the packages they offer.
PS the most important thing to remember is the Health insurance trap.
Yes you can keep your company health insurance through Cobra.
But you will be paying 100% of the cost which runs from $700 to $1,500 based on whether your single or doing the family package.
I cannot even imagine what will social security be in the future.
OPT (F1) visa workers do not even have social security and medicare taxes.
We keep hiring OPT visa instead of American.
(1) After those OPT visa workers gain experience, we kick out the rest of older American in the team.
(2) Now American grads need student loan forgiveness.
So how does one go about getting a package from STT? I see references to this occasionally, but I find it hard to believe that you can tell them you want to leave and they will offer you money to do so. Why would they do that?
Considering social security will be in serious trouble as early as year 2031, the low paid hostile working environment in SST, and over 55+, a better choice is to get a package from STT and get an independent job to put more money into SEP account. I am looking to retire at 59 1/2 to live a life below to myself and likely live longer and heathier. The average life span is only 76 years, what is the meaning of keep working in STT and to be tortured by the mean managers. By the way, other countries has much cheaper medical insurance.
Post ID: @1spf+1exKTCVf - I do know of some former State Street employee's who did get hired as contractors.
You are correct about having few employees who have been with State Street for many years who have the vast knowledge of procedures and how to resolve issues that arise. Which is why you might have a chance of being hired as a contractor. Unfortunately, with the merger of BBH the situation will just continue to escalate since eventually some of these employee's positions will also be eliminated or outsourced to India.
H1B farm saves money
@Post ID: @1tho+1exKTCVf Agree 150%
They mgmt thought they were so smart when they got rid of 99% of State Street workers to save a buck.
And know you have nobody with 10, 15,20, 25+ years of experience who had a vast knowledge of procedures and how to solving.
Your right problems which could be solved in 10 minutes or less know take hours
And their outsourced helpdesks are the biggest jokes
just look and see who's in the talent marketplace - people are still being let go and amazingly some are still long-timers with the historical knowledge that is hugely lacking. new consultants can spend weeks on an issues that can be answered in 5 minutes if there was anyone left with more than a couple of years experience.
Age 55yr you can tap your penison plan without paying a penalty
Age 59 1/2 you can tap your 401k without paying a penalty, tap it before 59 1/2 and you
pay a 10% penalty .
One thing a lot of people do not realize is the COBRA scam. To keep your company health insurance. You pay 100% of the cost you no longer get your health insurance at the employee rate.
My employee rate of $375.00 a month went to $800 under Cobra.
So I got my health insurance through the Health connector program for $325.00
Your Health connector rate is based on your income
Yes State Street offers a very generous early retirement program. Various options are available selecting from a variety of monthly or quarterly pension amounts as well as from several levels of medical coverage. NOT!
Seriously.....someone who is 55+ and still works at State Street is asking this question? please share whatever it is you are smoking.....