Citi soon announcing Voluntary retirement options for employers !
37 replies (most recent on top)
How far away from retirement do you qualify though? Retirement can start at 62, so do you qualify at…..61? 60? 59? 58?
OR
Is it, you are 62 and have no plans of leaving but…SINCE you are already within the retirement range, you can opt to get the option?
There’s always been a process to self nominate to retire with “severance “ and retiree benefits.. You let HR know in writing you want to be considered as part of any downsizing. Of course your MD ( group head) needs to agree. May folks have done this over the years under the guise of their role being eliminated as part of a RIF.
How do you know its not a trap?
A test to see who’s at risk, composing a list of those that ask, then run them off sooner rather than later with NO extra incentive or out of the norm options to leave, just regular severance.
On Wednesday an MD in Tech stated at Q&A at the All Hands "There is a process for self-nomination in general for retirement. Talk to your managers, talk to HR and we will do our best to accommodate where we can. There's a couple people that are going through that right now. So we're always going to try our best to accommodate requests and see where we can go from there. But talk to your manager, talk to HR. It depends on the region you're in. It depends on a bunch of things, because there isn't one rule for every location. "
Anymore news of this happening?
The dust wouldn't clear for days
Of course not.
Is it true ?
Wheres da beef!
I'm so hoping this is true still. No news from anyone except the OP?
An unsubstantiated rumor.
So silent right now !
Drat! I already retired last year. Why couldn't they have offered a special retirement option then?
Actually, I don't believe they will offer it this time either. When I retired, I got all the rest of my PTO for the year which was considerable.
Too soon not to be interested in how the survivors are doing which is why I still look at this board.
I don't think this is a thing. But if it does turn out to be true, you'll have to meet the age and tenure, be in a group that its being offered, be redundant, etc. Its not as easy as just raising your hand. And do NOT tell your boss Monday you want to retire. You'll be managed out quicker than you can get the words out. Wait until its announced, if its even a thing. I think its a red herring. But we'll see.
Amen !
Please tell me this is going to happen soon. Any idea, next week, next month? I hope this is true!
First thing Monday I am telling my Boss, "I'll take it!" Whose with me?!?!
@fj+1jjc818x4
I’d take that so fast. OMG you have no idea.
Has C ever done this? Offering incentives to leave? Problem is people they may not want to leave are eligible. Usually it’s # of years of service + years to 65 to be eligible in real word. Once 65 no cobra or retiree medical expense by C.
Interesting if true. Usually the bonus if any is prorated or averaged over past 2 years. That along with 2 weeks every year. BNY or Mellon Financial offered 3 weeks per year I think many years ago. And then bonus.
Good lord yes.
So if this is true which I really hope it is when will they roll this out?
This is the best news I’ve heard in a very very long time. While I’m not quite retirement age yet, I’d leave if offered. I’m 3 years out until I retire but I’d voluntarily leave now if offered severance x2.
i am old and have been here along time. My job is is easy and i make over a hundo base outside of nY, i am ot letting go of this gravy train!! I am hanging on till at least 68...
Eagerly Waiting!! Money, Money, Honey !!
I hope so, time to kick out the old dogs who got a pretty good ride in the past 30y but do not want to let the bone... Cretins.
Please YES please, I can't take much more of this! Any idea what will Citi might offer for early retirement? Would severance be better?
Interesting. It has been a long time since they offered one. Let's see if any truth to this post.
This is good all the way around if you are on the cusp of leaving or not.
If you are you get to go. If you are not, then there will be a vacuum that might not be filled asap but maybe later, not to mention an opening at some other bank.
We’ve all seen it. Run off many, hire later on after the dust settles. If other companies are doing this too, this is great. Increases our chances to follow Jane’s advice and leave for another company.
@a7+1jjc818x4, Official communication pending to come! Wait until then.
AIG has a VERP, Voluntary Employee Retirement Plan going on. Just check out their thelayoff.com site. I would guess that other insurance companies just like AIG have something similar going on.
Banks and other financial companies may soon do the same.
Best post I have seen in a long time!! Yes, get me off this train......
What exactly does this mean and where did this information come from?
Well, there goes all your experience out the door.
Bless you….bless you for this news. I am more than willing to take Jane’s advice and get off of this train.
@a2+1jjc818x4
Most probably with all the options where Employee can leave by own without much Hussle.
Of all the announcements, I am looking forward to reading this one the most.
Oh thank god!!! Is it a retirement option only and also a layoff option?
Can they or will they come up with a voluntary layoff option?