People can stay till September 18th (1 month). The package is 1 month (till Sep 18th) + 1 more month as in-lieu pay + 3 months (for signing no-lawsuit crap) + 1 week for every year above 10 years + 5 months Cobra lumpsum payment.
Three managers who went through the training confirmed the above items. No one really knew what is the total #of people or %. I hear 10%, but could be higher in some groups.
What is Cobra payment?
Cobra depends on your years of service with Cisco. 10 years or less with Cisco, you get 3 months Cobra. Ten years and above, you get 5 months of Cobra. You are eligible for the bonus which managers will be calculating soon.
My golden parachute is that I was selected by Forbes for the best place to work survey and gave them my phone and email. Well they called and I said wait a few weeks and I will tell the real deal of an insider Cisco employee. I think Cisco will pay me quite a sizable fee to not have that story published.
The package is just an offer. If you got some bargaining room or leverage then use it. Say you're g-- or transgender and have been harassed. I dunno that's up to you. I know my story, make up yours.
Could you elaborate on what you mean about it being an offer you can negotiate? Have you heard of others negotiating a better package? And, if so, what were the circumstances? Thank you.
They should layoff Chuck. If he can't run a company without laying people off then shouldn't he be the one unemployed without a golden parachute?
The package is an offer, you can negotiate
Some groups have none if the group has the right skill mix.
It's going to be more. I've heard some groups are losing between 20-30 percent of their team. This is going to be messy.
@IVUDSBg and @kdl - I am assuming you are the same poster. Thank you for sharing this, it helps calm my nerves a bit - it's not a fun situation, but knowing what may hit us is better than being in limbo.
It's a generous package indeed, cannot complain there. There is a ton of other things that I could whine about forever, but this not both time and place for doing so.
Bonus paid if Cisco announce it during conf call. Don't expect more than 1x for individual performance factor.
RSUs vest, but I don't know whether it will be all 5 months or only 2 months. The yearly RSU grants vest on Sep 11th. So people will get those for sure.
News travels fast: https://twitter.com/TheLayoff/status/765723321828831232
I can confirm this as well, the only difference is 6 month COBRA but we had 5 mo last time...
Yup I heard the something from a manager
Thanks. Any word on the bonus and RSU vesting?