With all the talk of layoffs, what is GE's layoff package like for salaried employees?
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Can anyone answer for the 2017 layoffs, if you took the the lump sum which broke your service was if you weren't there for 3 years, then you weren't entitled to the 3 year vesting of the retirement plan? I thought upon separation date you were immediately vested?
What kind of packages or severance is coming up in the layoffs expected as part of the big cost out in 2017/2018? Same as those so far, or much tighter given the company’s cash position?
Please explain the comment regarding USCAN Healthcare.
FYI - The amount of severance is negotiable. GE typically offers 1 wk per year as a starting point.
I have seen it get as high as three weeks per yr of service. of course there is the urban myth of 4 wks per yr, but I haven't seen it.
The best way to negotiate the amount is with a hard luck story. "This will be extremely hard on my family for the following reason.... kid needs surgery, wife doesn't work, I take care of my elderly parent... you get the idea.
They will start off saying that it is not negotiable, but the squeaky wheel gets the grease. It will take a few rounds of conversations and often... you will need to keep pushing.
Good Luck out there
The most useful thread so far.
Today I learned that the French take care of their own.
Bring in a lawyer and you’ll likely get nothing and owe your lawyer (remember, GE does not have to give you jack legally). My advice is take the money and run!
Guys don't wait for your turn. Just get out and get a better life. Get out of the mess.
By the way if you unable to, then start discussing with your manager and HR manager and ask them if you are at risk and if you are then get a lawyer to make sure you package is worked out with a lawyer.
so is that pay based upon the deferred raise amount that was implemented this year to where the catchup is in 2018 and does it factor in the bonus accruals?
@1krw - obviously you misunderstood the post. At layoff you are told what your total layoff benefit is based on 1 week pay for each year of service. For example, $24000 total benefit if you currently make $2000/week and have 12 years of service. Your weekly payments draw down from that total amount incrementally until either it runs out OR you find another job. If you find another job first, then WHATEVER IS LEFT OVER gets paid as a lump sum after 1 year anniversary of layoff, UNLESS you decide not to wait the year and take it immediately. In the end you will always get the $24K, no more no less.
How would anyone still be owed supplemental pay after 1 year? You’d need 52 years of service!
@1gil - if you get a job before severance (supplemental) pay runs out, then you can either 1) take the remaining portion as lump sum and break your years of service with GE or 2) wait until 1 year anniversary of your effective layoff date at which time you will automatically get any remaining pay as lump sum and you will keep your years of service. So you never lose any of the benefit....it's just a matter of whether you take it sooner or later. If you don't care about keeping your years of service then you're probably better off just taking the lump sum.
@1aup. Thank you for explaining that. If it is supplemental to unemployment does that mean that if you get a job before the bi-weekly runs out then you won’t receive the full severance pay?
@1nxp - That's a very good question and the answer is NO, GE's layoff compensation does not reduce your unemployment benefit. I went through this with GE layoff last spring. GE technically does not offer severance pay....they offer "supplemental pay". It is specifically meant to be pay that supplements your state's unemployment benefits. You do not need to report it as income to your state unemployment office. I was upfront about this additional pay with my state's unemployment office and they simply said the GE supplemental pay did not need to be reported as income on my unemployment application. I then received full unemployment benefit from my state plus the full GE "supplemental pay". So it is all legit.
Confused... If you are getting paid severance while collecting unemployment, don't you have to claim that and it is subtracted from your unemployment? Just wondering if GE money hurts more than it helps?
Typical American company...screw the US worker...this why we get candidates like Sanders and Trump taken seriously!
@ GRC Saudi Arabia: They have paid 4 months of full salary+ half a month of base salary/year of experience + prorated bonus and pending vacation time.
I was land off from GE France with PSE package, in 2013 it was 30 months of salary, then entitled up to 24 months French Social Security Assedic monthly payment but it was 80 percent of salary.
Not sure how do you days generous package in US, but it is normally minimum 1 month salary for 1 year service.....
@1dly - amen!
Heck with severance package, just leave the company while you can! It is one of the most heartless companies I have ever worked for. There was a time it was not so bad, where i thought i could retire from here. I was blessed by Gods grace by saving me from the misery by my last 2 years before I got laid off it was so bad! I could not imagine what it is like now! Talked to a couple people they said its really bad currently at the 273 plant in Schenectady NY. My contacts at 273 say that the morale on the floor is really bad, so bad they care about as much as the way management treats them daily.
I’m not nuts and stupid. I got the package and let me tell you, it is good, really good. Some companies out there give you a couple weeks of even that. You are joking if you think GE owes you anything more. You will be lucky if they keep these generous severance packages for all the layoffs they plan to do. Don’t be so arrogant or you will be the one doesn’t survive after the layoff. If you had a larger severance, you would sit around and not interview right away and lose your edge against the others out there in the market for a new job. Take the severance biweekly and interview right away. It takes on average 3-4 months to get a job.
I want to watch the Porsche SUV get traded in. A mini Cooper might be appropriate.
Ask the French team members that work for GE their package is? As I recall it was like 2 years pay. If you think GE package is decent you are f_cking nuts!
@rbc. It's not common, but it does happen sometimes. Or at least it used to. I don't see them hiring a lot of people anytime soon.
you must be joking if you think the package is good.
Is that common? To be rehired within a year?
One week for every year of service is not good and well below what many top tier companies. The respect for the GE employees is clearly long gone....disgraceful!
Its going to be ugly USCAN Healthcare
One week of pay for each year of service with a minimum of four weeks of pay. You have to apply for unemployment and there is a waiting week. The GE money is paid out at 90% biweekly pay less the unemployment you receive so it stretches longer than the weeks per years of service. You are on protected leave for one year unless you break service (request lump sum payout). Protected leave enables you to maintain continuous years of service if you get hired back to GE within the year. Health insurance and other benefits are in COBRA at GE rates for six months and then much higher rates for second six months. Severance package is really quite good.