Severance Packages - What Does Your Company Offer? - Page 2

epbrown · 01-25-2009, 06:32 AM

We've been seeing 2 weeks pay per year of service, with the option of taking it as 80% in a lump-sum, but previously it was 3 weeks per. In 10 days I'll have 18 years here, I'll be lucky to hit 20. We aren't doing mass lay-offs due to a business slow-down; we're doing a lot of tech upgrades that eliminate jobs, so it's been fairly gradual. Mostly, we just aren't filling positions when someone leaves. Once all the tech is in place though, we'll have to get more aggressive.

mikester · 01-25-2009, 08:39 AM

1 week per year, not sure about benefits continuation plus job seeking assistance that from what I hear is really good (positive reviews from the recently laid off).

Hard-Deck · 01-25-2009, 09:05 AM

1 years' salary, then bye-bye, no vested retirement until we hit 20. Glad I made it! Not retired yet, going for 30.

osidak · 01-25-2009, 04:48 PM

typically where i work

2 weeks + 1 week for each year of service + unused vacation time and sick days (10 hourly and 5 salaried sick days)

Caps at 26 weeks

vash · vash's Garage

Quote:

Originally Posted by DARISC

Did she take a lump sum or did she have the choice of continuing taking it as regular paychecks until it was all paid to her?

I don't know the details, but it's less costly tax-wise to do the latter.

no choice in the matter. extra slap in the face that it happened in dec. just to squeeze in some more taxable income before the new year. YAY!

the big goose egg in the wife's column next year should make up for it.

drew1 · 01-25-2009, 11:32 PM

Keith,

Your old place, Hanes/Sara Lee/SLKP/National Textiles out of Winston by any chance? Some of their stuff seems either stupid or methods to load higher ups pockets.

Porsche_monkey · 01-26-2009, 05:31 AM

My company offers to sue me if I divulge the details.

austin552 · austin552's Garage

I got 10 weeks for five years service. The company has gone from 1,000 employees to 200 as of last Friday.

Rick Lee · Rick Lee's Garage

My dad got forced into retirement in July. They gave him six mos. of full salary and benefits for something like 17 yrs. of service. Since I left my previous company just before my current company bought the previous one out, when I came back, I lost my seniority and am now only approaching my two yr. anniversary, though I started there in 2001. I'd be very surprised to get more than one month's pay if they can me.

Plavan · Plavan's Garage

3 years ago I was laid off from a different Biotech company who I was with for 2 years. I received 4 months salary, health, +3 weeks vacation pay, and all my options fully vested. Not a bad deal in my eyes.

ramonesfreak · ramonesfreak's Garage

zilch. i suppose if the boss was feeling nice he might give me a few hundred bucks but i doubt it

Buckterrier · 01-26-2009, 05:20 PM

2 weeks for every year of service @ 80% of your salary. Not sure on the bennies.

ruf-porsche · ruf-porsche's Garage

Quote:

Originally Posted by KC911

................. This was an American Co. (EDS at the time), and "their" personnel simply weren't in the same league as our in-house staff. Management assumed that many of us would "re-badge" with the provider, but most opted to retire, or simply leave (as I did)...I'd had enough. It was sad to see what was coming (for those that remained), and I'd seen enough of that in my IT career in banking many years ago..."no mas"

. I was a systems programmer/communications specialist, and the quality of the EDS staff they brought in bordered upon pathetic.

Hey Mrs. Ruf was with EDS until they can her. She's now with AON Benfield and she couldn't be happier.

Zeke · 02-03-2009, 05:39 PM

Wow, I had no idea there was any cushion as you guys describe. As a contractor, if people ain't buyin, there's an immediate impact on income. This started at the end of 2006 for me. That's why I went back to welding school. Now, I couldn't get a job in production welding if I wanted to. But that was't' my goal. Got flares?