Anyone done this? I don’t feel like waiting to retire (1 year horizon). I’m burned out and done and financially fine, work has no interest for me. But I keep missing RIFs. Ready to go but would like the severance package regardless.
Can’t see the downside…
I
I plopped today so that's pretty cool
@yc i think you are missing the point...i am happy
You sound like a cry baby did you really make it 20 years?
@wc Congratulations!
@rk I will be in work for 1 month then out for 3 non working pay time.
@re If you already got the good news and if you end date is Dec 20th, does it mean you got 4 months of non-working pay time? Unless you unofficially learned about your inclusion in the upcoming package and they have not yet terminated you?
I did this after 20 years, happy to say I finally got the good news 🙂. But Citi being Citi the end date is 20 Dec and they will only pay your bonus if you are employed on 31st Dec.
Pleased I worked so hard to try and move things forward.
Onwards and Upwards
I know someone who asked to be RIFed around when the lists were made for the summer layoffs as the person wanted a package. This person had a job offer somewhere else and was hoping for an extra pay day. It didn’t get approved, but was pretty cool that they asked…no downside of asking.
@mm I’m going to start living for me..
@fx+1k2w6fnm5 That is the way. Don’t seem pressed about it. Float it out there if you have that type of relationship with your leadership. Give outline of a plan because you will be asked what are you going to do ( retire, spend more time with family, travel, etc.)
If you're ready to retire, then do it. It could be a LONG wait or at least it will seem so (I spent a year at Citi in one week) If they were looking for volunteers, the dust wouldn't clear for days!
@fz it none of his business. RIF me or don’t. It’s only 3 months at 200K so not like I really need or they can’t afford it. If they say no I’ll quit. It’s just the principle I owed for all the bullsh-t I’ve put up with this year.
Anyway, never mind - no one who’s posted has had the ba--s to do this. I’ll lead the way.
I dont believe that you work here, not unless you are a very d-mb boomer
@fy If I want package and manager is good then I would mind explaining that I am not going to competitor after taking package.
@fx why the he-l would I explain anything?
@eq If I have already decided to retire then no harm in asking. I would Just let manager know that I am volunteering if any reduction is planned in future. You will be lucky if you have good relationship with manager. But I would have to be prepared to explain what I would do after I get package - like travel, family time, etc.
@ev The latest published separation policy states 12 weeks over $100k is the minimum. It's still 2 weeks per year of service.
@ev what section of the handbook is this in? I just scanned through the whole thing and no mention of the amount/time of pay. The only reference is that pay from severability will be based on the severance process in place at the time of separation.
@et well that su-ks. I’m not going to torture myself for another year.
@es INCORRECT! You’d think if you’re posting on a layoff thread everyone would be up to speed on policy.
Severance info is in the Citi handbook. 3 months if salary is over $100k OR two weeks paid for every year.
I did this last summer and still here waiting!
@eq Where are you getting this information that a severance package is 3 mos per year over 100k? It's 2 weeks per year of service. Period.
@ej it’s 3 months if your making more than 100K. PIP’s are a pain in the a-s for the manager and HR to handle and I’m performing at a high level. Have a good relationship with my manager so PIP is not a real concern. I just want out but would like the package. Worst case I don’t get it and I quit with nothing in March.
First, the severance package is 2 weeks for every year of service with a maximum severance of 1 year. It is not a month for every year. Secondly, voluntary Early retirement (VERP) is not a thing at Citi. It should be but Citi is choosing who gets let go based on managerial input. If you aren't on the list, asking to get added won't happen because it would mean letting someone stay that they already decide to let go. And a lot would depend on on your relationship with you manager. If you trust them (not something I would advise) then you can express interest and they may be able to get you added to a future list. But be warned; putting it out there that you are ready to go and want to retire could put you at risk for being set up on a PIP and managed out with nothing to show for it.
I’ve only been here 3 years but 3 months severance would be a nice parting gift.
Take me to your dealer
@OP heard the ceiling was a year’s, likely 1M for every year of service..?
Keep us updated on your progress
Preach! Just start to slack, a little more each week, and see what happens.
Corporate America is built on extracting maximum value for minimum return so why shouldn't employee productivity follow?
Company should provide this option considering haven’t reached the population target. This is beneficial to company and some employees.
@a5 oh I’ve just started that but I don’t want to hang till next August. I ‘m thinking of asking in November if I don’t make it and hopefully catch a bullet in Jan. Thing is they don’t seem to be doing big RIFs anymore and my org has shrunk considerably. Could sell it as a way to keep the position but get a younger more enthusiast worker.
Just quiet quit