Is it 240 hours max or 280 hours ?
12 replies (most recent on top)
I believe its almost the same every place...crowd of h1's...
The way it's going only the H1 nephews and cousins will be the youngsters at Cisco. I damn straight don't want my two kids in college anywhere near this place having to deal with these Asian cultures that constantly have to watch their backs because they can't even trust themselves. This place is so curropt it's sad to see what it has become. The new nortel.
@2ucx - I may be a "Dinosaur", but just wait. Sooner or later, you will be too. We ALL get older and then the next generation comes in and then you're the "old guy". So watch what you say. Someday you'll have to eat those words or have to smile and nod when some young punk says the same old sh-t to you. :-)
RMAP costs the same as COBRA, but doesn't end after 18 months. And expensive or not, it's way better than the ACA plans and not really that much more expensive if you go for the same coverage.
Yes. RMAP still in place same rules. It is the only retiree benefit, but it ain't cheap. The coverage is better than Obamacare plans. I will be using RMAP if still around.
Oh and you c---y youngsters who think you own The Valley. Go f!!!! Yourselves.
You know you are at a Dinosaur when people start asking questions about real old age retirement packages.
I should have been more clear when I said retiree benefits. I wasn't talking about the early retirement package that included pay and benefits for x or y periods of time, I was talking about the ability to remain on Cisco's health plans instead of having to depend on some other employer who's coverage may be worse or the health market place. It was referred to as the Retiree Medical Access Plan or RMAP in your severance package. If they cut the wellness benefits, it doesn't change the RMAP since you don't get the HSA seed money or the health incentives via RMAP. If the coverages go down in quality or greatly increase in cost, that's another story.
@2soq - Cisco has to pay you for all the accrued, but unused PTO that you have. Whatever your balance was at the time you were notified, plus what you would have accrued during the period of time referred to as "Pay-in-lieu" benefits (basically 60 days) or roughly 4 pay periods is what they will pay you for.
You do not continue to accrue PTO during the severance period. In my case, I had 216.xx hrs (I don't recall the exact fractional part) when I was told I was being let go. I had planned & approved PTO during September, but it was cancelled. The 4 pay periods (19 Aug - 19 Oct) that cover the 60 days described as pay-in-lieu-of-notice benefits is 24+ hrs (4*6.xx per pay period), so they paid me 240 hrs (216.xx +24.xx=240 max).
At the time the transition period of Layoff ends, a person who has 280 hours of PTO balance (which is 35 days) , then he will get an equivalent salary of 7 weeks OR how of much period ?
Twice, actually. 2009 and 2011. The 2009 package was even more generous than 2011. Unbelievable deals.
This will never, ever happen again.
CIsco has become IBM. Expect continuing cheapening of benefits. There already is a huge discussion going on internally about the medical plans, and the reduction in wellness benefits. The discussion is being squelched.
"Retiree Benefits"? Sorry but that happened once (2011?) and has never nor will never happen again.
Look to IBM for the future of LR structures at Cisco. Those once generous packages are down to 30 days, period. You could have 15 weeks or 15 years of tenure......same 30 days.
As replied earlier, 240 is the max for those with less than 5 yrs of consecutive service, then it increases to 280. Once you hit the max, you stop accruing PTO hours every payday, so you might as well start taking one day every pay period off to enjoy your PTO instead of forfeiting it.
It's nice having an additional 5 weeks pay as severance.
IF you return to Cisco after being LR'd, your years of service with regards to PTO will be reset and it will take you another 5 yrs to make the jump from 240 hrs to 280 hrs per year max. However, for severance and retirement calculations, your total years of service will count.
I have to decide if I want to try Cisco one more time so that my age plus years of service (50 min + 5 min) are greater than 55 to be eligible for retiree benefits.
My advice is to store up as much PTO as you can - it makes a nice cash buffer when the LR fairy catches you
240 hours, until you've been there 5 years. Then it's 280.