I don't care if I'm laid off as long as I receive severance. But I've heard that other companies are either halving their severance or not giving it at all. Can that happen at Seagate as well, considering that there is no legal obligation to provide a package during layoffs? That's the only thing that's making me nervous right now.
16 replies (most recent on top)
@2hox+1mv5lOuR ...
November action reduced ~3000 staff in Asia. Won't know yet geography of staff this action. Each region has own laws, costs, severance. Therefore CANNOT extrapolate one to another.
I've given this reply in a couple other threads on this site. From the 10k and 10q filings you can compare the expected cost and benefit of the november action to this one. The november action was a 100-115MM benefit with a cost of 60-70MM. This one has an expected benefit of 200MM and an expected cost of 150MM. Based on those filings, it's reasonable to expect the package to be the same has historical for this action. These are public filings, anyone can look them up on EDGAR.
All bets are off in the future and I expect they'll will use surveys to compare to "peer" companies and cap it.
Hope and pray they don't stop the STST choir.I mean who else will they pay to sing songs in an old folks home at christmas.
Anyone know if they are planning to cut Yoga classes at LCO?
Highly suspect this post was created by the frosty General to gauge reactions...
I was a Maxtor employee before we all lost our job when Seagate bought Maxtor. At that time 6 weeks for the WARN period. But this was not on top. So working 3 years x 2 weeks = 6weeks. And not 6 weeks + 6 weeks.
My advice: Find a job. Because one cannot choose the package.
Better use the time, to make friends. One needs friends for the next job
Anyone left after this next round will probably get the corporate version of 50 Shades of Grey. And yes, that means screwed.
You d-mb folks,the more you guys raises probabilities of package reduction the more likely it is going to happen. Top management monitors this site and looking for clues that d-mb folks like you guys asking such questions are more likely to accept it will happen.
Are the rumours of STST cutting the Corned beef and Cabbage from cafeteria true?
Before the RIF of Nov 2022, Singapore package is capped at 30x months. Now it is 18x month.
I am afraid it will further decrease at some point of time with the deterioration of Seagate's financial.
Odd question. Of course it can happen. On the US side there's no obligation to give you anything other than a cardboard box to carry your cr-p out the door. It's still the same as it has been, just don't be one of the last ones out the door when the money won't be there for non-executive employees.
Package differs and will differ by nation.
Consideration that Seagate wants to select leaving, not people leaving in mass. Uncontrolled leaving risks execution. Package is incentive to stay and wait, eliminate package, lose control.
Is it true the Corned Beef and Cabbage will be cut from STST cafeteria? I hope not, it's the only reason I'm still here.
Seagate Woodlands one month for every serving year capped at 18 months. Many lining up to get retrench, this company no future. Even next hiring is hire & fire policy. Future? I doubt so. This place never even seen a talented people till now.
If the company is going to be bankrupt, the package becomes difficult. Let’s pray the harm products can earn you a package
For springtown this will be the legal requirement
You’ll normally be entitled to statutory redundancy pay if you’re an employee and you’ve been working for your current employer for 2 years or more.
You’ll get:
half a week’s pay for each full year you were under 22
one week’s pay for each full year you were 22 or older, but under 41
one and half week’s pay for each full year you were 41 or older
Length of service is capped at 20 years.
Your weekly pay is the average you earned per week over the 12 weeks before the day you got your redundancy notice.