Somebody else asked this in another thread and I'm going to join them: do we have any idea what kind of severance packages we are looking at? Considering the current situation, I wouldn't be surprised if they decided to save money by reducing severance significantly. I don't think they would not offer it at all, but reductions are realistic. Do we know anything yet?
8 replies (most recent on top)
Thanks for the details on the severance package. That's just pitiful.
in short we get 1 week of pay for every year you worked for them and from 3k to 6k firing bonus. LOL
and 1 year of paid school
The severance package had to be reported to the SEC. That’s why it’s on their website! It’s not a secret.
Now the bigger question. I’m a Collins employee. Where’s my offer of 52 weeks severance?
Tucson supposedly is laying off people and closed some plants. But they also won a couple of major contracts. So go figure
Can someone please fill me in on all this talk about layoffs? I just relocated here last month and been working from home with really no social interaction to my team. Thanks. Im in Tucson.
Previous reply's reference also states: "This plan does not apply to regular reductions in force or restructuring due to business needs not related to the merger."
So in this situation I could see RTC say that COVID-19 is not related to the merger so terms of severance will not match what is stated on sec.gov
Severance is one year of pay plus full medical and dental regardless of how many years you have with the company.
https://www.sec.gov/Archives/edgar/data/1047122/000119312519184462/d759314d425.htm
The details of a Severance package are usually considered at the very least proprietary, so it wouldn't be easy (nor would I recommend) to divulge details. Even in a website like this.