My dad just got laid off after decades with PepsiCo. He is only a few years away from retirement, so this hit him really hard, I could hear it in his voice. Broke my heart. How heartless do you have to be to do something like this? I truly hope this comes back to bite them in the a-- really soon.
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I was laid off in 2005 after working for PEP 30 years. I was 53. I had a good pension balance but the number they gave me in my package was less than what showed online. I was "bridged" to retirement. Then they made me take the pension 50% as a lump sum so that was taxed at the highest rate. I got 1 year severance. Depends on where you sit if this is a "good deal". It didn't feel that way to me. Good luck to everyone. I found other opportunities but I took a $40k pay cut initially to eventually come back some years later to what I was making at PEP.
looking what @wsg wrote - maybe your dad can have some consolation in the fact that everyone now knows how sh--ty they are - i mean a lot of people are reading this
1500 views in 1 hour. I guess everyone at Pepsico is on this site...
He should be bridged - I am 100% certain - go double-check with your dad.
Still s---s.
Good luck.
Tagging it
Laying off people close to retirement
My dad just got laid off after decades with PepsiCo. He is only a few years away from retirement, so this hit him really hard, I could hear it in his voice. Broke my heart. How heartless do you have to be to do something like this? I truly hope this comes back to bite them in the a-- really soon.
If he's been there decades then his pension is fine and most likely he started a 401K about 6 years ago. I've only been with the company 15 years and I have around $700,000 saved for my retirement. That's only giving 10% per week.
Is retirement age still 55? In 2012, you were bridged to retirement if you were at least 50.
Of those I know, the ones that wanted to go back to work have all found jobs that pay more than enough to live on. There's no guarantee one gets to stay as long as they want at a company and max out their pension. #1. Stop consuming all PEP products.
I have to ask, he was too upset to give me any details when we talked.
They should bridge him
Do not worry. Karma
Did they bridge him to retirement?