Now I've both heard and read that we are looking at major cuts at AIG sometime in March. Can anybody confirm this?
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STI is accrued like PTO. If you worked thru 12/31/18 you get full amount (+/- any adjustments made based on co results, your performance or importantly if you are bosses pet) whether you leave or get invited to leave, now up to when it gets paid out.
Well, guess we’ll see what happens. But I’ve always gotten STI in last paycheck in March, so would they RIF you before you got the check?
Exactly. The triple whammy. Exodus post sti. Rif. Premove re-rif. Rif reorg restack repeat. Lather rinse repeat. Do si do away we go! Imagine if there were voluntary packages? Rats from a sinking ship.
huge wave of RIFs in first full week of March. Good luck fellas!
I’m told no RIFs at Lexington. Anyone know differently?
Does anyone know if Underwriting is on the chopping block for RIFs on the horizon?
Forget rifs in march the voluntary exodus will be substantial followed by anithet big rif before the move
STI is paid around March 15 according to website. So they will know prior to that date and I believe that RIF's will begin early March
Yes, they are coming in March. I don't know the scale/scope necessarily, but it's going to be big.
Bonuses are paid at end of March, so, maybe early April?
It's coming in early part of March. This is spot on --- Probably right after bonuses are paid out. So, per their severance agreement, they won't have to prorate 2019 bonuses and can apply a performance haircut to 2018 bonuses. This too --- Id love to weigh on but i got the boot 2 weeks ago after 11 yrs. They are targeting higher salaries and older folks. Expect IT to go to India / KL --- never mind shabby service and poor English.
It’s easier to do massive RIFs with STI pay included. It’s a bigger carrot to dangle and ensure you sign your waiver and leave. This has been the practice for a decade. Makes for a much cleaner purge. So expect them to ramp up in March.
I have heard there are going to be major cuts in the 1st qtr of 2019. In the Town Halls in August of 2018 they stated that this would continue into 2019. Next week is a pay week and that's typically when this happens. I wouldn't be surprised if there are some RIF's next week. Also performance review discussions with Managers begin next week so there maybe a few fired as well.
Ok, glad that’s taken care of.
So, now what about March layoffs? Where geographically are they expected andin what departments? Will Claims be hit? Anyone have any info?
Thanks
I can clear it up. It depends on the State you will be laid off in. I live in a state that I am collecting both severance and unemployment. You need to call the State office and ask for the rules in that state. Good Luck. OH, HR will not tell you because they don't care.
Can someone who was laid off answer this? Are they making it so you can't draw unemployment since you are receiving severance? You can usually get both. I have. Unemployment won't pay for time you get in vacation pay but will pay for weeks of severance. Can anyone clear this up for me?
While you get severance you can’t collect unemployment. I did not take lump sum so that I could keep health insurance while I found another job. Found another WONDERFUL job with a GREAT company and am SO FREAKING HAPPY NOW. I didn’t realize how much stress and anxiety the toxic atmosphere at AIG was affecting my health. Thank you AIG for laying me off, it was the best present you could have ever given me.
Hope that helps.
Former AIG employee
NY State does NOT pay unemployment until the number of weeks of pay that your severance is equivalent to has gone by. After that date you are eligble for full unemployment
Is "nonworking" pay different from severance? Because i got both in 2010.
You can collect unemployment if you take the lump sum option.
You cant draw unemployment while collecting severance. No state will permit it. It has nothing to do with AIG.
Only Finance and Investment? How about Claims?
Can someone who was laid off answer this? Are they making it so you can't draw unemployment since you are receiving severance? You can usually get both. I have. Unemployment won't pay for time you get in vacation pay but will pay for weeks of severance. Can anyone clear this up for me?
Is this confirmed? Finance and Investments were bloated anyways.
DD & gang always had lavish expenses and lackluster performance.
Yes confirmed. The finance and Investment area will be hit with layoffs in 2019.
Yes, layoffs are coming. Be prepared. Probably will see them more around and after the earnings report for 4th qtr 2018 comes out. A lot of layoffs to come for 2019 are already planned and will be executed soon.
Id love to weigh on but i got the boot 2 weeks ago after 11 yrs. They are targeting higher salaries and older folks. Of course you'll be a "high earner" if they keep monkeying with the salary ranges by grade. Everyone will be above their pay grade if co keeps lowering them. Even with no raises. Employees figured that scan out. Chiselers. If mgmt truely cared, they'd forego their bonuses till co turns a profit. Where are the BODs?
Probably right after bonuses are paid out. So, per their severance agreement, they won't have to prorate 2019 bonuses and can apply a performance haircut to 2018 bonuses.
Yes, they are coming. A friend of mine was told by her HR buddy in Boston yesterday
I have heard the same as well but can't confirm it.