Thread regarding Verizon Communications Inc. layoffs

@bd+1k9yrzgp9 correction to this. Minimum severance is 4 weeks.

@bf+1k9yrzgp9 Not 100% correct. For STI eligible employees, your target STI is also included in those calculations of your severance amount. Then you also get your STI on top of that. Not sure how commissioned employees are treated with regard to the severance calculation. Additionally, there are a handful of states that do pay out personal days. Should be in the document. The company has 45 days to pay your severance, but it's usually paid by 30, assuming you signed the doc. Your vacation should be paid on the first pay cycle post termination. Vested RSUs can take up to 60 days to post to Fidelity.

Just read the 2024 sev plan. Minimum sev is 4 weeks. Cap for band 6 and below is 35 weeks. Formula for sev is weekly salary x 2 then multiply that by the # of years of service. Band 5 cap is 52 weeks, same formula as above. Execs band 4 and up prob have a different sev plan. severed employees will prob get sev payout shortly after their last day on payroll. Save your vacation so you can get payout of any unused vacation also. Take your personal days because company does not pay out unused personal days. Pers days are use it by Dec 31. Sev plan is published on the company intranet. Good luck to all of us.

@at+1k9yrzgp9 each grant vested over 3 years

@as+1k9yrzgp9 Chances are slim that you will be included in the RIF, but if you were, you would receive 2 weeks severance, 2 weeks benefits, your STI and if you received a stock together grant in March, it will be paid out and deposited to your Fidelity account when it normally would. It used to be that all RSUs were immediately vested and paid out, but maybe that has changed.

@ae hey weirdo - wonder if you saw the news release from Dan informing the market that there would be a layoff of 15,000 next week... as our stock soared in response to the news... you still think I am instilling needless anxiety and fear into the employees? you are a whack job, stay off the layoff board if you can't handle the facts.

@aw u dont need to burn vacation time ... u will be paid out the time you paid. u would need to burn the sick/personal time... but it sounds like u dont really need to be present at all during the notice date and the date ur gone.

@aw if it does happen you will be free to travel away as much as you want

@at i think @OP is referring to the ones that vest the beginning on next year...

@aw I would wait to see what happens.

So if I make the list next week, do I still need to work? I already have vacation plans for week of thanksgiving and the last week of the year. Will I still need to burn vacation days for those weeks? Planning international travel during those times.

@as you were probably put in place to replace the higher paid employees that are about to get axed.

how does this work with the stock payouts for LTI? Says "Will fully vest at their scheduled times — no loss of stock value". Does this mean those affected will be getting checks for a couple of years as scheduled ? Or is this all paid out now ? Both seem unlikely scenarios

Hello. I’ve only been employed at Verizon for 4 months. I’m a band 6. If I get laid off, does this mean that I would collect no severance? Also curious about my bonus and RSUs? Can anyone share any insight for those of us who have only been at the company for a short time?

This completely su-ks that this is happening.

@ah indeed, stood out to me as well. Will for sure impact my own thinking and plans if I do manage to survive this one

HR not required to be present.
Severance cap for band 6 and below is 35 weeks.

I’m a union employee. Is there any talk of across the board packages coming? When a package has been offered, it’s either this department or that department or just a select few and I have not been offered one.

@a5 Last year when they did over the phone HR was not present. Your manager should have your phone number.

@ae listen dude - this is a LAYOFF board, you are here for the same reason everyone else is...we share what we know in relation to THE LAYOFF that is happening on 11/20. You are wild, if it is hurting you - LEAVE THE LAYOFF BOARD. :)

No one wants to see your trashing of the people who are legitametely contributing to THE LAYOFF BOARD about LAYOFFS.

Sounds like you have some personal problems to work out.

@ab Still they will call you over the phone. Sameway happened last year.

So the win here is that STI goes from 75% to 100% (75% is what’s on the severance site).

Further layoff rounds in the next couple years is telling..

@OP Any mention about if its going to pact specialty groups in the wireless portion? I am in band 8v PACT LNP tier 2 - WFH

@ae this is pure information.... hes not telling anyone who is being fired. stop it.
this board does enough damage as it is, this post has done more for this board if this aligns with everything.

And I will pray for you too, with the amount of employees you are hurting with your posts .

@ac just sharing what was shared with me, take it or leave it. If you are needlessly anxious, I will pray for you.

OP, you are making a big deal over regular business decisions . And making employees needlessly anxious, or getting their hopes up. What did we see this week? 2 of 11 presidents leave or change jobs … like that doesn't happen anyway .

By phone? What if we are all in office that day?

@a6 READ the OP. Dafuq is wrong with people?

@a8 the caps per band was not shared with me. This is all I have. Sorry.

what is the maximum cap per each job band?

@a5 this is accurate. Management can call directly on the number you listed in your profile. HR is not required to be present.

When will we know who was laid off?

@OP The only thing that gives me pause about this post, is the way the communication would be handled.

A phone call? My leadership does not have my phone number and HR needs to be present, it’s a legal risk.

@a1 what is the maximum weeks cap for band seven?

am I paid from the time of notification to the time of last day?

so from 11/20 to 1/20... do i still get paid even though im not doing anything? sounds like a win... then i get my severace a month after that?

@a1 it is true.

All I want for Christmas, is for this post to be TRUE. I’m most concerned with our bonus (we worked for them!) and Stocks.