I was warned by a coworker that next round of layoffs will predominantly focus on those who satisfy rule 70, which to me sounds like a recipe for legal action against State Street.
Anybody heard more about this? I'm personally in this group, so hearing it was not too pleasant, but I don't want to get too riled up about it until I know more.
Any info would be appreciated.
70 rule forced to sign a "will not sue for age discrimination " letter in order to receive a severance package and Unemployment.... Myself and many coworkers.... Sad
This company does not care about their employees, in fact they are treated like dirt. Does anyone know the name of the Boston lawyer that wins and settles most lawsuits against State Street Corporation, because this company does not want the bad publicity?
@RSS52HO Yes, I agree with you that it is surprising that someone has not filed legal action against State Street. I am positive that some have thought of it but who is really going to win a lawsuit against a large corporation like State Street.
For State Street and other corporations it is about the bottom line and not caring about the workers that are laid off and forced in many instances to either change career direction or accept another position where they are underemployed.
Thank you for the formula. I wasn’t familiar with it. So how is that not age discrimination? They just keep padding their lucrative salaries and buybacks for shareholders. Zero regard for humans. To them AI can’t come soon enough.
@@RSS52HO-1ekp
Your 100% right State Street a company with too many young experienced people who lack the knowledge base of the more season workers who were let go.
The older workers who trained and passed on our knowledge to new hires.
Now the running joke is if you been there longer than 3 years your considered a long time worker
Age + Years of Employment at State Street = or > 70
I was made 'redundant' from State Street, thankfully before I gave too many years to them. And I'm over 50. I guess I would say regardless of their reasons just start looking for a Company that appreicates the wisdom and experience that age brings to a business. They can create a company full of young people, but they will eventually find without balance they have a void that will damage their business. It just might take some time to catch up with them. The world is much bigger that State Street.
Please eleborate. Are you talking about the Volcker Rule?