Can we consolidate all that we know about severance payment at McKesson in this thread. It seems that we have great variations about severance as it relates to different BUs, Groups, levels, etc. I'll see if I can find older threads and will post consolidated info. If you are able to share your info, please indicate BU, Group, Level or whatever info you can share.
7 replies (most recent on top)
I was laid off 2 years ago after 24 years. 2 weeks base pkg and 2 weeks for each year of service capping at 52 weeks. Got earned pto and company paid their portion of cobra for 3 months. After that cobra is super expensive. Agreement said I was eligible for MIP but I didn't get it. Trust me when I say there is life after McKesson and it's better, everything happens for a reason. Keep your head up and good luck in you job hunt.
We were told that the severance package were based on pay grade and number of years of service.
With the PTO earned this year, it would be paid out. MIP would be paid in June; depending on how well the company does at the end of FY16. A quick perfomance number was given during the meeting. I figure the MIP maybe half of what was given in past years. Cobra is paid for the number of weeks equal to your package time. This is a legal contract that McK is asking you to sign. Certain rights will be waived, which are a concern. Those rights have to do with ADEA and OWBPA , respectively; Age discrimination in Employment Act and Older Workers Benefit Protection Act. They recommend you consult an attorney. I have mixed emotions on this weeks events. I think it is a hot mess without transition plans in place. I'm happy that I've been given a package. Sad for those who are trying to fix all the new problems at the company. Life goes on, we all have great skills and there are jobs available. Best of luck to all of you in your next new jobs.
Do not forget to claim Comp Time and any other Overtime or Oncall pay etc. Severence just takes into account your time clock. If you have SAP or another time accounting app that shows you even had more time, then claim it as well. HR is not there to help you and probably has no real knowledge of anything. I directly asked HR on time questions and HR lied to me. I did manage to get some of it paid in addition to my severence pay.
Our dept expects to be next. Can anyone confirm if the package includes pay out for all unused PTO time? Not earned yet but for all of 2016? Or do you just lose it with the separation. And it includes paid Cobra for 3 months? Really?
The most useful thread here. I haven't been laid off, so, I cannot share any info. Thank you whoever put this together...
Month paid. Then 2 weeks for each year i was there and Cobra paid for three months.
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@GrkzKGd-zcl- 2 weeks pay plus 2 weeks per year of service. Good luck!
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@GrkzKGd-wxg - 1 month plus 1 week per year
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@GrkzKGd-yqj - Many of us got let go with NO severance
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@GmIVq1v - each employee will receive 2 weeks of severance and an addition 2 weeks for every year of service -- company will provide job search researches and assistance with applying for unemployment -- COBRA benefits will be available