Heard the first phase of "reductions" will be next Tues or Wed. 1,200 was the number thrown out. Also as I predicted the severance has been axed to possibly 10 weeks max. Ol' Hatchet Hooley is practicing his swing now. Anyway they can f--- over those who have given their blood, sweat and tears they will do it. Godspeed.
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15 year employee will be capped at 10 years and will get two weeks for every year up to 10. Thats 5 months of severance. It's in the proxy.
behold, THE TRANSFORMATION
Too bad for the BFDS leftovers. DST doesn't know them and SS&C aren't going to give a crap about them. Those hanging on until the buyout is complete are fools cause SS&C don't owe them anything. Don't believe what you hear about getting packages because it's all bullish*t.
A few states go farther to require that employers pay a small severance or continue employee health benefits for a short period after the layoff. Missouri doesn't fall into either of these categories, however. Missouri has no layoff law, so workers are protected only by the WARN Act.
Dept of Labor website:
Upon termination, especially when employees are terminated through no fault of their own and/or have worked for the employer for a considerable amount of time, some companies have a policy of giving the terminated employee severance pay. Severance pay is not required by the Fair Labor Standards Act (FLSA); how and whether an employer chooses to grant severance pay is at its discretion.
Nothing on the internet is anonymous.
Just sayin.
The significance here is that as an employee, you deserve something more than 10 weeks. Especially if management is going to bank.
Better do your math again. 10 weeks = fifty 8 hour days. If you've been here for 25 years that's only 2 days for each year....
Sadly, they have demonstrated during this past year that they do not care!
If they max ii at10 weeks that is 2.8 days per year of service for someone that has been here 25 years. People that have been here that long have to be at least pushing 50 and will need more than10 weeks to find a comparable job.
well, way back in 2010 during the first layoff that started it all so to speak, I think there were about 700 employees "reduced" HR, at the time , had recruited some folks under other branches of the HR tree, such as training to actually PACK UP DESKS, and help escort people out of the building. AWFUL.
Is the sale final in the fall? I wondered if this meant 1200 total by the fall when the sale is final OR 1,200 next week?
If I get laid off, not only will I give the pitch an interview, im writing a book, and will sue if my severance isn’t fair in accordance with what Holley and other exec get. Im cut throat b--ches.
Not fair at all
"first phase of "reductions" will be next Tues"
1200 by the merger date.
Has anyone heard if these 1,200 layoffs are for any location specifically?
I too heard these dates and the 1200 head count. My question is, how in the world can they get rid of 1200 employees in just 2 days? Doesn’t seem possible time wise. You’d think it take at least 10 minutes per employee. There isn’t enough HR staff to have 50 going at the same time.
How can they justify reducing the max severance package this time from previous layoffs??? That is where I smell a lawsuit coming there way!
Severance Payment: DST or its successor will pay the executive within sixty days of the qualifying termination, a single lump sum cash payment equal to: (1) two times the executive’s annual base salary as of the date of termination; (2) two times the executive’s target annual bonus amount; (3) two times the DST-paid (or its successor’s paid) portion of the COBRA continuation premium costs to cover the executive and the executive’s dependents for twelve months; plus (4) a pro rata portion of the annual incentive bonus that the executive would have received for the performance year during which the executive’s termination occurred, assuming target level achievement of performance goals.
Outplacement Services: DST or its successor will reimburse the executive for all reasonable outplacement counseling services during the eighteen month period following the qualifying termination, up to $25,000.
Read your fine print people. If you get hundreds of dollars. And hooley gets millions. Lawsuits need to be filed. This whole thing has been a big harassing mess.
Where will they get that number from?
To add injury to insult, if you get a package the payout will be taxed at 40% like your getting a f'ing bonus.