Thread regarding Verizon Communications Inc. layoffs

sge...that is good info. Trying to project a future here as a higher paid and experienced employee is a long shot at best. It is obvious that a certain demographic is a target and based on the market's reaction, no one cares because it makes more money. This isn't going to get better anytime soon and we know who the first to go will be when the economy goes back on a down turn at some point in the future.

I actually updated my LinkedIn profile at the beginning of VSP and started interviewing. There are jobs in IT, but none of them come close to VZ's overall package. Some are contracting. Some require relocation, many need 75% of travel. I that is with hot market and I have good skills for the cloud.

Calculations for my case say that realistically I would have to take a cut on base pay, bonus and 401k and that results in approx. 4 years of "break even " period. If you expect to be gone in less than 4 years, it is better to take VSP. If you survive,it is better to stick with VZ.

"Can you provide sources for being able to join an age discrimination class action lawsuit if you've signed away that right as part of a VSP?" When I was RIFd, you sign away all rights EXCEPT for those relating to age discrimination as that right cannot be waived. Now my document said that you couldn't profit from any such action, but I don't know how enforceable that is.

Now it's possible that a VSP is different.

Here is the text:

I understand that certain claims are not prevented by this Release. I understand that

this Release does not prevent me from filing a charge, testifying, assisting or otherwise

participating in any manner in an investigation, hearing or proceeding conducted by the EEOC

or a Fair Employment Practices Agency ("FEPA") or any federal, state, or local government

agency, but I give up all rights to recover or receive damages, money, personal injunctive relief

or other personal benefits as a result of such charge, investigation or proceeding. I understand

that this Release does not (a) eliminate my right to receive (or my right to submit an ERISA

claim or appeal with respect to) any vested benefits which I may have accrued under any

pension, savings plan or deferred compensation plan or any medical or disability benefits

through my Last Day of Active Employment; or (b) prevent me from exercising my rights, if

any, to: (i) COBRA benefits under Section 601-608 of ERISA; (ii) workers' compensation

benefits; and (iii) unemployment insurance benefits; or c) constitute a release of those claims

that cannot be released as a matter of law.

"and if they tap me to go home will take the 35 weeks at the time and take it from there."

I have no faith that VZ will offer 35 weeks going forward.

For many of the takers the net real tax effect will be closer to the 3-6% range. For those that qualify for the full 60 weeks, that's only 8 weeks difference * 3-6%. So you will pay more, but not so much that it should be a deciding factor for you. Difference goes up if you do not hit the full 60 week cap.

There are many free income tax calculators out there you can use to plug in your unique numbers.

@VN4xrc6-zkf . Can you provide sources for being able to join an age discrimination class action lawsuit if you've signed away that right as part of a VSP? I think many posters here would be interested in looking at some of the materials that you've reviewed.

jsd - I believe your information is incorrect "VZ is willing to select approximately 10% of the 44k eligible for VSP" the number is much higher than that "between 14k - 20K employees" almost 7k employees have volunteered to take the package already and that still not enough - so count on riffs toward the end of Nov "as usual" Someone pointed out what may gambling people don't realize is that VZ does not have to offer a package to it's employees - going forward in 2019 the package will change "talks of 1 week per year" buy maybe none... They are very creative when it comes to saving money and at some point you run out of real estate to sale, groups to outsource, stores to close & leases to terminate - the "new" VZ will employ 90k employees or less and this will be done with outsourcing, automation & 5G. The highly technical employees "Dev Ops" have nothing to worry about and as far as the buyouts/riffs because they fit into the new VZ model, everyone else is expendable and should be concerned - they made no efforts to hide their intentions years ago and stressed the skills needed to remain relevant in the company. Their will be a riff in Nov "to get the number of employees they originally wanted" and mid year 2019 also.

Because it eliminates age discrimination concerns. The plan is to accept the most expensive workers who tend to be older and thus difficult to RIF in significant quantities.

Screw it, leaving and paying off my house! 26 years in and I saved vacation days! C-ya!

@jsd you are saying they are only taking 4.4K? Then why even offer it at all? Why not just RIF that amount?

VZ is willing to select approximately 10% of the 44k eligible for VSP. In the end the quantity impacted will be less than last November's RIFs. Whether you opt in or not, you are likely to be here next year. Plan accordingly.

There is no guarantee of any future buyouts. The company does not have to offer any sort of enhanced programs going forward. Keep that in mind when you roll the dice on sticking around or not.

the people with the rebadge option have it best now with it being enhanced

@VN4xrc6-xfq na, most with the skills are NOT taking it. Of course there is dead weight sitting around waiting to be tapped on the shoulder, but the majority that have the skills will stick around or maybe not even get picked. SO like all others have said, even if you have certifications and whole host of degrees. is it really worth to take the package and go looking for something that you might get or end up with something you settle with. I will take the chance and if they tap me to go home will take the 35 weeks at the time and take it from there.

people with skills are taking it. Dead weight that have done nothing in Verizon are staying until they are kicked to the curb and hopefully very shortly

How are you even thinking you get severance if you were sent later. They screwed up Frontier employees in the past and tried to screw up rebadged Infosys employees. If you are staying, you are willingly giving up your hard earned Severance package for years of service. VZ executives will simply outsource you instead of paying your compensation or look for some other laws how to get you nothing.

Been here 22 years. Yes I fear I will end up a WalMart greeter rather than the decent pay and benefitsz I get. Financially, that 60 weeks is misleading since the government is going to get a sizable chunk off the top. It won’t last very long.

I don’t know many people who could make it on the package.

It is quite simple for me. At any point in time I can get a job for a huge pay cut, worse benefits and less vacation. A short term 60 week bonus only evens out two years of that new c-ap salary.

I prefer not to do that.

I’ll stay here and take advantage of the 4 weeks of vacation plus personal days along with company match on my 401k and great medical and dental.

I’m gambling that I’ll outlast 60 weeks and hopefully long past because hey 60 weeks off would be a dream to some and I haven’t had more than a day off in at least ten years although before that it wasn’t much better.

Coming back from a year off would be awful and I don’t think I’d make a month before it would turn bad. If only I knew when I’d die or something so I could plan better. I’m a few years away from saving enough to maybe make it. if I leave and work somewhere else I’d be ten to fifteen years away.

OK, I'll bite. I work from home. I make six figures a year and I hardly break a sweat. I have 5 weeks vacation. Why leave VZ for a measly $150K pre tax to go find a job I have to actually work at? I'll ride this gravy train out...

@VN4xrc6-zkf - You can still participate in any class action lawsuit that might be in progress. The worst that can happen is you might have to pay back your severance money. Believe me, I have researched it thoroughly and currently have an open case with EEOC that is being investigated and it didn't cost me a dime. I hope the EEOC ends up filing suit against Verizon.

Love the fake tax advice. No one is getting 60% tax rate off their VSP. Also the lump sum comes in 2019, so it doesn't add to your 2018 salary.

room for advancement? seriously? That's ridiculous. Your other points are likely true. They don't have outside skills and are afraid of the unknown especially supporting a family which I get and can't blame them for having hope.

It's never worth taking "the package" (the package of c-ap). First and foremost, you sign your legal rights away to the age-discrimination class action lawsuit that's being put together. Second, you get your "payoff" in a lump sum, so say goodbye to 60% of it to taxes, plus that payoff in one year will bump you into a higher bracket, so you'll be paying more on it. And third, you never know. Companies like VZ are so screwed up that you could easily ride it out another 10 years. Why should you jump to save someone who might get another 5 or 10 years to build their social security nest egg. These "voluntary packages" are only done to impress the Wall Street mobsters and so executives can hit their yearly MBOs. In 6 months they're blown over and all new management is in place.

I'm on the fence. Just turned 54 with 19.5 years of service. If this was a year from now, no question I would volunteer. Probably the same if I had an end date of 06/28/2019. If I don't end up volunteering, I'm assuming I'll be facing a similar situation a year from now. But 52 weeks plus 35 weeks (or even 20 weeks) is greater than 60 weeks. Also in a more tax-favorable manner with another year of 401k contributions, plus qualifying for the IRS rule of 55. Just have to figure out if I'll have the patience to put up with all the BS that the next year is sure to bring.

Repeating post, beating a dead horse.