Can anybody who has been laid off today please confirm if this is true?
Severance is:
@2ril+1jpiC0ah incorrect. Standard severance for Band 6 and below has been capped at 35 weeks for at least 15 years, maybe longer. You can look it up in the severance documentation.
Cap was always 39 weeks (except during VSP). Not 36, 26, or 52… unless they changed it this year, it’s 39 weeks.
@1ige “…I have the package in my hand…”
Giggedy
@1pcl+1jpiC0ah don't be a jerk. Some of these people very well may have volunteered for the VSP and been turned down. Many were. Have a little compassion for those affected. You could be next. Karma.
Those complaining should have raised your hands for the VSP when you had the chance to get off this sinking barge. The people who did have nearly a 4 years jump start on you in their current jobs, and are that much closer to getting that bonus week of vacation with tenure in their current roles. VZ was great for a while. Now, unless you sleep in a bucket truck riding it out while waiting for your pension payout (and ALOT of you union pukes in the Northeast do) it's just another job.
I retired today (RIF) with 34 years of service. I was planning on leaving in 2023 anyway so no big deal. Here is the answer to the severance questions (I have the package in my hand). 2 weeks pay and 2 weeks medical/dental coverage for every year of service capped at 35 weeks. STI paid at 67% of target. Unused vacation paid. Stock plan check comes in March.
It's always been 2 weeks/year with 35 week max. Only time it was 3 weeks/year and 60 week max was when VSP was offered.
I was told the max is 35 weeks of pay and max paid 35 weeks of cobra. I had 20+ years. So I’m close to retirement so it’s a good deal for me. It’s better than nothing.
Verizon has a very good severance. Anywhere else you get next to nothing.
No tuition money . Why couldnt they have kicked in $5000 for re-training expenses.
Cheapskates.
I don't know what to believe anymore. Do we get up to 26 or 52 weeks paid severance max? And why not 3 weeks for every year? Verizon is nothing more than a bunch of cheapskates.
I want three weeks for every year. Verizon is making out like gangsters with only 2 weeks per year. And yes, up to 52 weeks.
wrong. cap is 26 weeks, STI paid out 100%, on payroll so full insurance until EOY, then COBRA available thru severance, then on your own(well u can keep COBRA but it goes WAAAYYYYY up after your severance to the point you can shop around and get same coverage for significantly cheaper)
It's also post internally on the corporate website under the benefits sections....
why people keep asking what it is when it's clearly document....
It was posted here: @opb+1joCIAMV