Paid through May 30, health insurance benefits for 6 months, plus cash payout of $9,000/ option for add'tl 6 months of healthcare, prorated vacation payout, plus 8 weeks base severance, plus years of service severance (10 years here, so we got an extra 15 weeks). Better than expected. Onwards and upwards, best of luck to you all
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can you cash out on sabbatical? Do they pay you for the time you would be taking sabbatical? (ie, additional 1 month or 2 months)
Best of luck. I hope you do well.
was told no comp for vacation time, but then again you are getting paid till end of May. Will get paid for Sabbatical.
I'm in Arizona if that matters regarding vacation time. Funny though, no one ever seemed to track vacation time in all the time I was there, over a decade. I think that is why they gave pay until end of May, just to cover it if you had 4 weeks left. Wish I had taken that earlier this year, what a score that would have been. If I had only known, would have used it all up since Focal.
Package could definitely be worse. Not going to comment any more on my situation other than to say it wasn't very transparent and very much a surprise when getting focal 5 weeks ago. And then you are out.
Congrats. Good package
Got ISPed; retirement eligible due to age 55+:15 yrs of service; have to choose between between enhanced ISP for retirees or the Enhanced Retiree Package; will be choosing ERP; package will come via snail mail; will not count the eggs until it arrives and is accepted.
Save some of that money for Taxes. If you get a job right away, you will get hammered by taxes for 2016. Congrats and good luck.
-Fellow ISP last year and loving it.
All those bashing Intel, this is not what you will get from most companies. Intel is a great company, very generous and takes care of their people even at separation. Downsizing and layoffs happen everywhere. No company is immune. But you won't see these types of packages
BRCM gave even more generous package than this for their layoffs in the Spring.
Wow. Nice package. Intel is the only company with generous severance package.
just so bad info doesn't begin to circulate from reading poster @H5xMvmy-abn
VSP IS ELIGIBLE FOR REHIRE, ISP is not eligible for rehire
In CA:
ISP is eligible for UI Benefits (Unemployment Insurance)
VSP is NOT eligible for UI Benefits (because if you voluntarily quit your job you are not entitled to UI)
How is that different than VSP package? F--- this sh--hole. VSP is worse then.
Don't forget to file for unemployment.
Clearly, Intel has issues. None of this should have happened, but it did. Still, they seem to be doing the best they can with a soft landing to affected employees. In many professions, one is laid off with nothing but someone holding the door open when you leave.
That's a great package. Most VSP and ISP have the not eligible for re-hire attached. If you quit it's just a simple sign and go but they loose no money. The VSP and ISP are designed to give a monetary agreement to no longer pursue employment witching Intel's ranks either blue or green.
Nobody pays this well any more, I hate to say it, but thanks BK
Enjoy buddy.. nearly 8 months of salary..awesome!!!
All the best to you!!!!
Not eligible for rehire and was walked out. All things being equal, walking away with 31 weeks total, health insurance and cash payout really isn't that bad. It was unexpected to get the 15 weeks in there for 10 years of service. Hope this helps :)
@H5xMvmy-evy all ISP are ineligible for rehire...
SIGN ME UP!! I'm ready!
@H5xMvmy I really appreciate you sharing this info
Does it state that you are not eligible for rehire?
All the best to you
God Bless you!