Someone mentioned April is normal timing, but 2021 was in July, and 2020 was in May. Just trying to decide whether to delay retirement until the 2022 merit is implemented...
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@dlig+1f08hX7T You are not the only one walking out of here. Today I learn of someone else leaving the company. He was the most knowledgeable person in his team, and I could take his answers to the bank. He is that good.
Hm, I guess my org is a special case then. I got a very nearly 3% merit last year, and that was a "slump" year. I've had my resume ready to go for a while, just gotta get it on some desks...
GSR7 fwiw, and the last time I got TA was 2018. Have already been told I'm not getting it this year by my LL6 even though my internal customers seem to be even happier with my work now than they were then. Guess our bosses will find out exactly how much I was Achieving when I'm no longer around...
Merits have ranged between 2-2.5% historically.
Trust me on this, the average is 2%. You might get 2.5% as an achiever if you're under the 50 percentile for your salary range. Maybe 4.5% as a TA. But overall average across all GSR/LL6 population is 2%.
If you're walking for <5% then get your resume updated now.
For those commenting merit will be 2%, was that announced [internally] anywhere? Was it in a town hall that I missed? I was preparing to walk if I got less than 5%. 2% is a bold-faced insult.
Merit increases go into effect April 1st. A fitting date considering the rate of inflation in 2021 was 7%. and merits will be 2%.
So congrats on all your hard work, here is your 5% pay cut.
SMH
Botox....you know, I've been wondering what's been going on with his face. Thought it was just my laptop, a bad camera on his end, or my eyes. Makes perfect sense now.
Yeah, we will get our lousy 2% raise while Botox Bill, Jimmy, and the rest of their cronies rake in millions.
2% merit. AICP will probably be 50% again if that.
Meantime Bill and Jim will get 10s of millions in bonuses. But hey, they get a pass because we'll all be spending 2-3 hours a month in DEI sessions.
Un-freaking-believable!!
: @eqw+1f08hX7T - Yep, a meager 2% and that is a slow slide backwards over the years during normal times. I can't believe that we'll see the 7% merits it would take just to keep us even with inflation of the past year.
Merits will be in April, as usual. Question was asked and answered during Ford Plus webcast two weeks ago.
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0 merit increases this year? Awesome! That will totally cover the Biden inflation from the past year. With lots to spare for my enjoyment!
Me and my democrat Ford buddies gonna party!
Very good point, and it is a tough one for myself. Can I retire with just what my wife and I have now in pension and 401Ks? Yes, but in my mid-50's, would still need more money, so I'd just have to go find another job to make sure the money lasts.....which I personally might find very hard to do if I am "retired". Plus the other factor is if I walk away from Ford, just don't want to work anywhere or another corp. desk jockey job. However, I also see the downside and risk involved if I wait too much longer, because the Fed can't go anywhere else with rates but up at this point.
Been putting this off for likely too long, but time to dust off the resume, update it, and see what is out there that I even might like doing. Also need to put some thought into other things I could do that are not desk jobs but could make enough money to not raid retirement funds too soon. End of the day, may come to the realization that for many reasons, I just need to walk away, suck it up and find another desk jockey job anyway.
Was really hoping I could hang on for another two to three years, then really retire and work part time just to get some walking around cash. Many decisions ahead...
My advice - and take it for what it is worth.....gut it out and wait to see if you get laid off by end of 2nd qtr 2022. MY reasoning is that Ford has not changed the severance package yet, so if you can retire, you've likely got the more than 20 years in to get the full package (9 months pay, 9 months medical).....then retire at the end of this year/early next year. Plus this way the issue of merit would likely be resolved. too.
However, they have in the past moved the merits out past March time frame - when they do it is usually June/July time frame. If you are well off to retire this year, why wait until June/July to get a merit...just enjoy the time off now.
Merits to average 2.0 percent for achievers.
For those folks that are considering retirement in the next 2-3 years AND anticipate taking the lump sum in lieu of the monthly check, it would be wise to retire by the end of 2022 before the rising interest rates impact your lump sum. Retirees in 2022 will use the August 2021 IRS 417e Minimum Present Value rates to compute their lump sum amount. Retirees in 2023 will use the August 2022 417e rates. Google IRS 417e rates and you can see the history of the published 417e rates. You will see the rate increasing in recent months even before the Fed has taken any rate action. By August of this year they will likely be much higher and will adversely impact people retiring with a lump sum in 2023. I wanted to bring this to everyone’s attention since I had many coworkers who took the early retirement offer in 2018 (Effective 1/1/19) and they were shocked when their lump sum check was much lower than their estimated amount. Some were lower by more than $100k. Interest rates rose significantly YOY and they were blindsided.
Have seen nothing to suggest that they won't be communicated to individuals in March (the day before bonuses are deposited), and go into effect on April 1st per usual.
To correct you, 2020 was Oct 1st, due to COVID. 2021 was July 1st due to the chip shortage. Rest assured, if it gets delayed this year it could happen anytime between now and April 1st. So not knowing it is delayed now doesn't mean it won't be.
They haven't even announced the overall company AICP target yet for bonuses. I am sure they have to message properly based on profitability, etc.