rumors circulating that buyouts will be sent out in the next 30 days, min employee age 55 with at least 30 years of service is the magic number.
sad I'm not eligible. too old to be valued anynore but not old enough to escape yet. the magic number keeps rising as time goes on so clearly the hope is to clean out the oldest of the old.
https://www.thelayoff.com/t/1nU7WJEv
The role of the HR person has changed. They are there to add "value" now, so my guess is that they did the math based on previous SAS policies. Hence, they created a plan (to show value), and then took it for a decision.
“As for TS, they will definitely be impacted by layoffs; that plan is in the works.”
Source, please, for this statement.
"Heard it was was all planned for Aug, but when HR VP took it to JG for sign off, he wasn’t aware of the plan and rejected it."
Not sure that that seems plausible -- that HR would devise a plan for a package, and be all ready to announce it, without Dr. G ever being aware of it?
Any other information? Like, is a package completely off the table for the foreseeable future?
@Oksc+1nE6dbBk, “It” meaning another early retirement package. As for TS, they will definitely be impacted by layoffs; that plan is in the works.
@Oszi+1nE6dbBk Heard it was was all planned for Aug, but when HR VP took it to JG for sign off, he wasn’t aware of the plan and rejected it.
"It" meaning the the Tech Support layoffs that were in the posts immediately prior to yours?
Heard it was was all planned for Aug, but when HR VP took it to JG for sign off, he wasn’t aware of the plan and rejected it.
We can hope this does not mean layoffs, but reading between the lines...
https://www.thelayoff.com/t/1nU7WJEv
@zglf+1nE6dbBk
> They've already committed to 250 layoffs in Global Sales, 50 in Testing, and an unknown number next year in Tech Support.
What information do you have about committed layoffs in Tech Support - or does "without hard information" mean pure speculation?
Without hard information, I continue to believe that a buyout is likely.
To become "IPO-ready" in 2024, SAS wants to improve its metrics by reducing headcount. They've already committed to 250 layoffs in Global Sales, 50 in Testing, and an unknown number next year in Tech Support.
Layoffs are a negative story, even when presented as "shifts in direction". Buyouts are easier to present positively, as "Voluntary Early Retirement Packages" to reward loyal long-term employees.
So it's hard to believe they're willing to do layoffs, and unwilling to do a buyout.
It is very unlikely that there will be any retirement buyouts this year.
I heard these are still coming but were delayed a bit. I also heard they will be using a formula of age + years of services >= 65.
Translation: based entirely on the wishful speculation of the poster, a rumor was started...
"I heard these are still coming but were delayed a bit. I also heard they will be using a formula of age + years of services >= 65."
Please stop tormenting us old folks! :-)
Was the 89th reason 'Because it didn't end in 1988?"
I heard these are still coming but were delayed a bit.
Back in the 80's there was a book published with the title "88 reasons that the world will end in 1988". In 1989, the author published a corrected book "89 reasons that the world will end in 1989". The following year, the author offered refunds to those who asked.
I heard these are still coming but were delayed a bit. I also heard they will be using a formula of age + years of services >= 65. Does anyone know if subsidiaries of SAS (JMP, Ideas, etc) were included in the last offering?
"Package Claus did not come during the night."
They read this thread and changed the date just to spite us ;-)
Package Claus did not come during the night.
It is Monday August 14th at 9AM EST...any packages?!
The August 14 date gives HR and Finance 2 weeks to finish up business with that batch before the close of the month.
Interesting - August 14 (this coming Monday) is the last day on the SAS books for all the folks laid off back in July. Wonder if that's just a coincidence or on purpose...
The chatter I'm hearing about a package dropping on Monday is increasing; but anyone's guess if it's because of multiple people reading this site and spreading the rumor, or it's in fact going to happen.
FWIW, I personally haven't heard of anyone who claims to have heard it from someone who is likely in the know.
This timeline is for historical reference:
The 2021 Voluntary Retirement Benefit Program (VRBP) was offered to employees who would be 60 or older by December 31st, and who had "completed 10 or more years of service." The VRBP was announced via email to eligible employees on August 12th. Those employees were given 1 month to consider the offer; the deadline to accept was September 15th. The last day of employment was October 31st, 2021.
"In the past, did your manager have to approve you getting the package if you chose to apply?"
As I recall, the manager was instructed to neither encourage nor discourage a direct report who was eligible.
No health but a week for every 6 month worked up to 52 weeks? Isn't that the standard severance package that those laid off got?
More than one (1) year:
Four (4) weeks of pay plus one (1) additional week of pay for each additional
six (6) months of service over 1 year, capped at 52 weeks of pay total
In the past, did your manager have to approve you getting the package if you chose to apply?
You’re right. Sorry; I was thinking of the first buyout.
"It will be surprising if they announce in August, rather than wait for more accurate numbers. Previous buyouts were later in the year."
Wasn't the previous one around the same time? Announced in August, folks had 2 weeks to decide .. then 2 months to wrap things up and document, with last day being October 31st?
It will be surprising if they announce in August, rather than wait for more accurate numbers. Previous buyouts were later in the year.
But these are strange days, so the rumor may prove to be fact.
"No health" does not sound as good as previous buyouts.
Heard this rumor again today with age = 55 and no health. And that we would hear on August 14.
"Is there anything new regarding this?"
Well, the one advantage of this rumor being so specific in terms of timing, we only have to wait at most 2 more weeks before we know if it has legs, or it's just the same-old same-old rumor we've been hearing for the past 2 years.
As another poster has written, decisions appear based on end-of-year numbers.
If it were me, by August every year, I'd have a buyout planned -- that is, I'd have estimates of costs, savings, and participation.
Then I'd wait until late September to decide whether to implement that plan, based on end-of-year sales projections.
Is there anything new regarding this?
To add to what @2vbf+1nE6dbBk said about the 2021 package...
If you were already at age 65 then you got a flat $18K into a Health Reimbursement Account in lieu of the $500/month.
Interestingly, the validation code for this post is "65".
What I remember from the past... The first two packages were essentially the same... age 60 and 10 years service. there were 3 tiers of salary ... 6 months, 9 months and 1 year. I just remember that the break between 9 months and 1 year salary was at 25 years, because I was 2 years short of 25 years the last time (2021). There were NO benefits extensions, but if you were under 65 they set up a fund with $500/month for each month between your age at the time you left SAS and age 65 when you qualified for Medicare. There was a cap on the dollar amount but I don't remember what it was. If you met the company policy for retiree status - you got those benefits as well.
I’ve heard this rumor multiple times in the past two years, with different qualifying criteria. We’ll see.
FWIW, the age threshold in the first two buyouts was 60. The tenure threshold was 10 years. A friend at SAS qualified for the 2018 buyout and said the 2021 buyout (which they took) was essentially identical. I missed the 2018 buyout age limit by two weeks and I took the 2021 buyout. Literally everything that’s happened since then has made me glad I did.
I am wondering that too. The people still left, with 30+ years of experience, probably won't leave until they shut the place down. Maybe it will be 55+ OR 30+ years?
"
"How many employees could possibly be impacted using those criteria."
Assuming the minimum qualifying age is lowered to 55 and they base increasing payout amounts on 10, 20, and 25+ years-of-service, the number worldwide could be as high as 1500, even approaching 2000.
"
But the rumor is that it's ONLY for folks with 30+ years. I think that is the scenario being referred to.
strategy in the past was to offer the package after a layoff.
"How many employees could possibly be impacted using those criteria."
Assuming the minimum qualifying age is lowered to 55 and they base increasing payout amounts on 10, 20, and 25+ years-of-service, the number worldwide could be as high as 1500, even approaching 2000.