I’ve heard from 3 different sources that there is going to be an eisp for the 4th quarter. Rumors are that it is going to be the enhanced eisp ($50,000 + $2200 for every year of service) and that it is going to be widespread, many different titles and locations. This is in NJ but I imagine it will cover the entire Verizon footprint for wireline. Anyone else hear anything in their work areas?
16 replies (most recent on top)
A guaranteed certainty of medical costs to bridge the span of time between one’s retirement date and their reaching Medicare eligibility would make the decision less perilous.
Could be economic s---c-de to leave if, under some future contract, retirees liability for healthcare costs skyrocket leaving one unexpectedly destitute after a lifetime of toiling, and at the most vulnerable time of life.
Seems wiser to stay longer.
Laughable .... $116000 ( not even a years pay for many ) to leave. Better sweeten the pot to 4 or 5 years of pay, a lump sum and a handshake.
You can do it Hans. Might cost 2 to 4 billion to get 10,000 craft off the books but in the end you will pay the same or more if the craft stay another 4 or 5 years, and they will stay.
You could EISP out a lot of senior craft by 2Q19 with 4 years of pay.
OP, the “$50,000 + $2200 for every year of service” you speculate about would now not even come close to breaking even with the losses my 401k has seen in the last two months (I have a small percentage in company stock) combined with the drastically lower pension projections I see when I went on the pension calculation site. I know others are in a better spot, age-wise, where they’re still seeing an upward trajectory, but the trajectory of my own has reversed from showing upwaard for the next five years to instead now plummeting. Also, the amounts shown now are considerably lower than the same site was forcasting as recently as two months ago for me.
Also, the mortality rate concession has been costly as well, as well as medical contributions, that aee also subject to change, adding a further, as yet unknown burden.
$50k & $22 hundred for each YOS doesn’t come near to breaking even with where I was projected as recently as last September, though younger folks might be better positioned.
Good luck to all, craft and management. Job well done!
I do not think the theory of a 4th quarter 2018, or 1st quarter 2019, EISP is so far-fetched.
There will already be certainty regarding the number of managers that have opted for the VSP. It might bring similar certainty to start the apparent eventual shift from full-time inhouse craft to outside contractors.
Has anyone heard about a buyout for 1st level or 7v supervisors?
Well said 3iln. I harbor no ill will toward my personal first levels and actually have known my direct report for over 27 years on a very friendly basis. I truly pity him. Many of my coworkers have known him over the years and warned him before he took the tie fifteen years ago. He insisted it was the move to make. At the time it was maybe arguable but even at that point the company had made it clear how they would treat employees. He very much regrets the move but it is a cross he chose to bear. Fortunately he has his thirty so he can weather a RIF more than most. He laments the opportunity lost by his decision as he sees his former peers leave on their own terms to either retirement or other ventures. It is sad.
You are also right about the d---beats tending to flock to first level positions. Most where those tired or to weak to remain working in the elements or simply didn't want to work hard or get their hands dirty. There are others who just where not very technically adept so they veered toward managing instead. You know the old adage those that can't do teach those that can't teach administrate. The worst though are the egoists who feel they are to good to do craft work and believe they are born to lead. They rarely are. This may sound bitter or angry but really isn't I have genuinely liked most of my mangers over my career but to say they work harder or are in some way smarter is a complete crock of sh--. As an aside I would also mention neither of my locations first levels or for that matter are second level have degrees. I am unsure of our thirds credentials. I and approximately 40% of my peers have degrees two actually at masters level and another that left after finishing his law school at night, so the better educated argument is sort of bogus as well.
Rifs are for people who made bad life decisions...eisp’s are for hard working union people, the backbone of our country. Be careful not to insult the union people, as we’ll be the ones leaving a tip (or not) for you when you’re cleaning off our table at Applebee’s.
A RIF is not an eisp. Educate yourself.
RIF RIF RIF, They are in the pipeline. Like sh-- in a p--p shoot
Bring it on!!!
It seems that we are overdue for an EISP. If one does come out this year I will take it.
Good luck getting a straight answer on this site...as you can see from the 4 replies so far, there are a lot of jealous haters on here. I don’t have enough time to take one yet but I do hope there is one offered for the people who are ready to leave.
Verizon won’t even give you a half day for Christmas Eve, what makes you think they will give you 2 gifts in one year?
The "3 different sources" were the self, the fairy, and the unicorn who live in OP's head.
I started this rumor three weeks ago. Glad to see it finally made it on here.
Oh balderdash!