Cutting 15,000 employees should save the company mucho dinero (after the initial cost outlay). That said, hopefully those let go will receive a good severance payout…including health coverage, STI and remaining stock plan.
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You realize verizon cut 55k people since Hans took over right? We hired back 15k of those at higher salaries and we pay more money for the IT contractors since it rakes 10 of these useless people to do 1 of the old Verizon IT employee's jobs.
This won't save Verizon anything, will cost 2-3B dollars to lay everyone off and theyll still end up hiring people back. This is done to mske year end financials look better and nothing else.
Verizon has the cash to pay out 2.8 billion in a VSP and not break a sweat.
Yes, the VSP was very sweet.
VZ only pays 75% of STI when RIFFED.
2 weeks pay per each year service capped at 35 weeks. Benefit coverage continues during this time frame.
Per the info in VZWeb it is two weeks per year, medical cover and EPP for that timeframe, prorated STI (99% at this point), and prorated vesting in stock together. That is the current information.
@a1 for management, there is no minimum required.
Severance packages are offered to foster goodwill among the remaining employees and to avoid lawsuits with those being let go.
You people keep thinking you’ll get a special package because we have a new ceo lol. You’ll get RIF walking papers and a standard package, basically a paycheck for every yr you worked and maybe prorated sti.
The last VSP payout cost the company several billion so I don’t think they’ll will be willing to go above and beyond other than the minimum required.