A while ago my husband was offered a voluntary buyout option together with his department. Some people took it, some didn't (including the hubby.) Needless to say, now we believe that decision was a huge mistake on our part. Does anybody here know if GE has ever repeated the offer once it was refused? He'd jump at the opportunity now.
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I was a fool for not taking the VJRP. Thought I was doing the 'right thing' by sticking it out. Was raised to give 200% of yourself all the time to your employer. For what? The old school 'dedicated to employer and work hard' doesn't fit in today's world of shortsighted executives who focus only on external shareholder happiness. Increase bottom line at any cost. They have destroyed the company and the legacy created before them.
If offered a package, my personal advice is take it. I've seen this game play out many times and I don't recall an equal offer as time goes by. If eligible, take it. There is live after GE and it really is pretty good, too!
People offered the package earlier this year in the Power business should have taken it. There is absolutely no guarantee or requirement that GE offer the same incentives as before and no guarantee that you will get a week of pay per year of service or any of the other perks. If you get another good offer, take it and move on.
The name of the program changes, but I have seen incentive programs revised, and offered again to a pool of employees.
I declined an offer 2 years ago, but took the VJRP this year. I would bet that there will be another offer, but not as lucrative.
VRIP packages are offered depending upon business condition of the unit. There is no set rules or frequency. Good for employees with less years of service. If the employee has more than 20 years, financial incentive is almost same as a layoff.
vrip is used more than sero as the sero bridges you until effective retirement age. it is less used as it is substantially more costly. quite a number of VRIP offers were made to Schenectady employees recently
Sorry the VJRP will not be offered again. The reason for VJRP was done for 2 reasons. First to move old pension plan recipents off the books (all offered had to have pension over 5 yrs service). Second to reduce some of the glut of senior level employees out. It did not work that well as we still have to many SPBs and LPBs. We all should know that there will be many more layoffs just hope everyone comes out in a better situation. Those that make it through will be asked to take lower level roles and moving up will be nearly impossible. GE probably will continue to make bad decisions based on the choice of RK to head up HR. I realize that large layoffs are needed to right this ship but hope that they treat people on the way out well. Nothing we can do about executive leadership failures so everyone should be looking out to improve their future and not dwell on the pass.
The last vrip offered was 6 months' salary for SPB or 3 months for LPB, on top of the standard severance package.
What is the difference between vrip and early retirement ? Why would you take the vrip if you want to stay??? If they lay you off it's a week pay per year of service and six month health insurance paid. Isn't it the exact same offer as the vrip
VJRP is seldom offered. I see early retirement from time to time though.