I saw the news about cuts today and it got me wondering. Back in 2022 when Cisco let me go, they gave 60 days in lieu pay, another 60 days severance, PTO cashed out, and four months of COBRA. Does anyone know if the packages are still similar now or have they changed over the years? Just curious how it compares.
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If you are an older, senior level employee with stock, they are doing accelerated vesting.
Two years ago, you would lose all unvested stock. This loss could more than offset the gain from severence and cobra payments.
Thus, for some, it is much better now.
My understanding is the basic amount of severence has not changed much, outside of erp.
Any information about the RSU vest?
Thanks
That’s BS. There were two early retirement offerings. The second was during Covid and the first maybe 5 years before.
The first ER was 12 months + 12 months COBRA. The second was 9 + 9. Can’t say for the first but the second also gave you 1 week per year of service over 10 and 2 weeks per year over 20. Very high up folks - VP - may have had a sweeter deal, who knows.
This LR, in the US it is like recent LRs - 2 months notice before separation and then 4 months salary and COBRA. The week per year over 10 gets added in also. Not super but not minimal either. It’s a respectable amount for those unfortunate enough to be impacted. Market is tough right now so it might take a while to find something. Or you could get lucky.
Best of luck to all those impacted.
You stay on the books for 60 days, then 4 months base pay and the 1 weeks pay for any year from 11-19 and then 2 weeks at 20 years.
I forget how long cobra was, but it was a about 4k.
I was one of the lucky early rounds who got the pre-LR "early retirement" plans. They did not have to ask me twice. It was a long time ago, I can't remember all the terms and conditions but it was literally about two years pay plus options maturing. From what I heard from others, they did away with that, and then went with LR.
It is lame if they are taking back the options. It was a small fortune cashing it all in, enough to pay off a house and pay off a few years of college. Really lame if they are taking that out of the equation. Why stay, if they are taking it out.
Wishing is not a life hack.
Why do you care? Move on with your life
All Cisco employees should keep ALL their stock options if there is an LR. Cisco makes a lot of money taking back stock given to people to retain them. It is just not right. While it may be legal, I feel it is unethical to take these back. ELT, stop talking about how you care about people and then treat them this way! Face it, older employees and those with more options that are more highly targeted! I wish there was some way to have a class action lawsuit to give back the stock that was taken from so many employees over the years!!