Other companies do this, there are so many obvious benefits for both employees and employers. I really wonder why they do not. I have seen it implemented in a way that they make the announcement, set the guidelines for eligibility, then it is up to the employee to submit their positive intention, and from there, they will decide who they will accept based on a bunch of factors. Just putting it out into the universe I guess.
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No comparison between a Union retirement and corporate. Unions often have great retiree benefits unlike corporate who generally offers only 401K, but this is across the board so if you choose to stick with corporate for your career, make sure you are saving A LOT for retirement and understand if you retire before 65, you will almost certainly be paying for health insurance out of pocket ($$$). If you are looking for a good retirement package, switch careers early into one with a solid pension or potentially a Union job.
Early retirement packages from a corporation generally ends up being a fair severance package, and a year or two of health benefits, not much more in my experience. But what it can also do is give people closer to retirement a reason to leave sooner, and in turn save some jobs for people with no intention of leaving, and as long as it is administered correctly, it's completely legal and does not trigger any age discrimination issues. It may cost the company more than a traditional severance, but really not all that much.
I also wish this was an option. Don’t understand why it isn’t when they are supposedly looking at further layoffs.
All the people that I know of who have asked for a package have received one.
If had to guess, based on my experience working at Cigna many years... I am sure they won't do it because it will cost Cigna more money. Through the lends of David Cordani, a early retirement package will hurt profits and ultimately hurt the stock price. Shareholders expect David to do anything possible to increase the value. They rather make your life as an employee miserable so you choose to quit without paying out any package.
What is the benefit of retiring from Cigna? My dad has awesome benefits as a union carpenter retiree. I don’t see any of those with Cigna.