- 2 weeks of pay for each year of service
- All Stock Together awards fully vest and paid out
- unused vacation days paid out
- STI paid out at a set %
12 replies (most recent on top)
@ wgx+1jnWT1ln
Band 5 is directors only, so for obvious reasons The opportunities to move from band 6 to 5 will always be limited.
As mentioned before, someone hired into a band 8 job 10-15 years ago that is still in the same band shows that they already reached their potential and are most likely highly paid . The same does not apply to band 6 employees who are either individual contributor managers, manage a team, or perform highly technical duties
@wgb+1jnWT1ln nailed it. Hopefully you are in a state that offers unemployment.
Whoever said 'if you haven't moved up they'll target those people' Verizon's entire corporate culture is predicated on longevity. They don't want people to move up beyond band 6.
I wouldn't expect them to target people with lots of years of service. What I would expect them to do is target people who havenct been promoted in 10+ years. So if you started low and have been moving up tenure won't have you targeted. If you've sat in the same band forever they'll assume you've reached your potential and lay you off to get some talent in.
I would rather git three weeks pay fer every year of service.
The package should also include a VSP (Vestberg sock puppet).
2018 VSPer here.
Look for the Healthcare/COBRA payout. IIRC it was 6 mos for me.
Also, I effectively lost the life insurance provided by VZ. You lose the group coverage rates and need to pay for it all.
If they removed the weeks of service cap, should we expect a higher % of tenured employees to be included in this RIF?
Hearing no cap on 2 weeks pay for each year of service. This will be an enhanced severance package. This enhancement will likely have up to 10k in takers
I'm gonna be rich!
All should be included in the package.
2 weeks of pay for each year of service
*35 week cap
All Stock Together awards fully vest and paid out
*Yep
unused vacation days paid out
*Yes but depending on which state you live in personal days may not be payed
STI paid out at a set %
*STI paid at 100% - VZ doesn't want to monkey with law suits
Oh and you will need to sign away any right to sue if you want the above. Good luck.