See the response above from "I LOOKED IT UP". That is the official policy--right out of the HR compensation policy manual. I looked it up recently because I was considering volunteering, but not for a paltry 26 weeks after 31 years of service and loyalty. So to the person who is asking about "is it one week for every 1 year or 1 week for every 2 years?", just go read the policy. I'm not sure who said it is being reduced in 2017. That sounds like a rumor, because NOTHING OFFICIAL has been published.
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When can we expect that communication to come out?
For US employees please note that starting in January 2017 the severance policy will be changed to approximately 50% of today's maximum benefit of 26 weeks. For outside the US check your local law.
I know someone who was just RIFd today and they got 1 week per year of service. The notice period however is now part or or in parallel to the severance which is a big change.
- Severance Benefits.
(a) Severance Benefits. The Severance Benefit payable to an Eligible Employee who has satisfied the requirements of Sections 3 and 4 (including without limitation, Section 3(b)) of the Plan shall be the lesser of the following:
(i) one week of Pay for each full year of Service, plus a pro rata portion of one week’s Pay for any partial year of Service (any fractional portion to be rounded up to the next full day), but in no event less than four (4) weeks of Pay; or
(ii) twenty-six (26) weeks of Pay.
The Furlough helps this years bottom line, the RIF helps next year after all the severance is paid out.
Tim M. Message dated 10/20/2016 12:05pm
5th paragraph
"Eligible employees selected through this process will be offered the same benefits as other employees impacted by these reductions, including severance and outplacement assistance."
It is indeed 1 week per year of service up to 26 weeks presently. It's the best condition for anyone wanting the RIF before they reduce the RIF weeks next year. You can always seek employment afterwards, the RIF is just to meet the bottom line this year.
I understand that there is a cap, my question is are we getting 1 week per year of service or 1 week per 2 years of service. Anyone know for sure? I don't see anything addressing it in Mahoneys last email.
I do not see any confirmation in the last paragraph of Tim M email notification of RIF. HR will not confirm 1 week per year up to 26 weeks.
Severance is governed by the laws of country where the employee work facility is based. In the US there are no laws governing severance (https://www.dol.gov/general/topic/wages/severancepay). US Firms can define or change packages at will (http://www.zdnet.com/article/ibm-alters-severance-terms/) for their US based employees. Honeywell further reducing severance benefits in 2017 for US based employees is allowed under US law. For outside the US (example Canada https://www.labour.gov.on.ca/english/es/pubs/guide/severance.php)
As of Jan 2017 severance to be further capped. 50% reduction from current 26 weeks.
Mexico is 20 days per year of service + 3 months, that's where the 10 years=9 months
"10years=9 months in last RIF" If this is saying that 10 years of service gets you 9 months of severance -- Wrong! At least not in the US. As someone with more than 26 years of service, my severance in the last RIF maxed out at 6 months.
10years=9 months in last RIF
26 weeks max
confirming 1 week for every year of service. Last paragraph of Timmy M. e-mail notification of RIF.