I was not here the last time there was a layoff but I did hear that there was an option for VSP. How did that work? Was there any requirements such as: grade, location or business unit attached to it?
I think I might have made a mistake joining Intel and if I could leave with 2-3 months of salary I would probably take it. Do you guys think there will be a VSP this time around?
I'm uoh and it was true for me @euc. Just depends on how your exemptions are setup, your filing status, how much you earn, etc. I am non-exempt and sold almost 700 hrs of PA time paid at time and a half. Can anyone say BIG NUMBER??? LOL Anyway, it was taxed at the 50%, but I got ~$4200 fed refund. Hence my earlier response. My guess if you had to pay more, you were going to have to pay more regardless. I'm also guessing you are into the 6 figures (highly paid).
uoh, not exactly true. I paid the 50% tax on ISP income and I have to mail another $1400 check to state tomorrow.
@xlt: Probably less than value of RSU's the steal from you on the way out.
Very true @nbk (who knows). LOLThe rules keep being changed as they see fit. Going to be more of that is my guess. It feels more to me like they're flying by the seat of their pants.
To answer OP yes, it was dependent on business unit. Some got the VSP option and others didn't. But who knows this time.
VSP's are not a company thing. They are a BU thing. You'll never know when your BU will have one, but there are some good guesses timingwise on this site. However, they aren't like clockwork for all BUs every single year. In other words, sometimes your BU will have one, sometimes they won't. It depends on whether your BU is in favor (doing well) at the time.
You might pay high taxes on your payout @xlt, but you should get a boatload of it back come tax time (April).
Duh @kdw.
VSP was changed to IV SP and it means exactly that. You have to get chosen then you can take the VSP or not. I was picked in 2013 for the IVSP but did not take it. If I had picked up , it was two weeks pay for every one year of employment plus Medical. Personally for me it was about 30000 dollars pre-tax. But those payouts are taxable at the bonus rate so expect to lose about 50% of your buy out in taxes.
Unlikely, they are very stingy nowdays
They changed the V to an I.
Is VSP paid better than ISP?
I think you are making a right decision. It's best to leave on your own and while you have a job otherwise if you get bundled up with the ISP lay offs it will be very difficult to find a job as all other companies know you were laid off. Believe me as I went through this scenario. Luckily I had a connection and found a job the same week I was laid off. I have so happy not to be there at Intel. It's really hell. I am almost 100% sure there will be a VSP followed by ISP after the earning report give or take 2-3 weeks. Last year around March if I am not mistaken everybody in our division was offered a VSP. It included everyone including management. Most people didn't take it. Some groups like server and IOT and few others didn't qualify for the VSP.The next thing that followed was all jobs were frozen and then the ISP. Good luck.