Well. . . I was worried, my friends.

My company is going through (another) re-organization, and they are looking to eliminate 85-200 jobs.

The CEO announced the re-org two months ago and gave the 'news' at the "Quarterly Communications Meeting" today.
It seems that the corporation is 'management heavy', and only 'management employees' are 'targeted'.

Whew!!!!!!!

Don't get me wrong. The severance package would have been S W E E T!
Two weeks pay for every year of service. (I've got 36-1/2 years!)
Plus, a $10,000 signing bonus for those with 5+ years of service.
($5,000 signing bonus for those with less than 5 years of service.)
Also, for those that are within 3 years of minimum retirement age (55 years old w/30 years of service), the corporation will 'bridge' your service to allow you to receive your standard 'minimum age' retirement benefit.
Lastly, for those within that 3 years of being 'bridged', the corporation would still cover the employee with medical, dental and eye insurance.


What the heck. I'm ready to retire, but, I still have my youngest daughter and my youngest son to put through college. (My daughter is about to start her sophomore year of college, this fall.)
Ultimately, my job is safe, for now.

Please note: The CEO's job is safe for now, too. He'll still be making his $1.6 MILLION per year, plus stock options and car/driver 24/7.
(Must be nice!!)
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Glad to hear that your all set Keith. Either way you'll be fine by the sounds of things.

 

You can't lose. I wouldn't mind being laid off with your severance plan. I've only worked at a hourly job 8 yrs of my life. I've been self employed the rest. Roth IRAs are my retirement plans.

 

with severance like that, no wonder they need to trim some fat...

 

Good job, Keith!...........Bet you sure feel good that the CEOs 1.6 mil is safe!, just gives you a warm feeling all over that he wont lose his house in the Cayman islands.

 

Good Luck with your golden parachute, Keith you poor bass-terd.....We'll be praying for ya......God Bless.....

Guys....I'm thinking a canned food drive or something.....Maybe if we get some hand-me-down clothing and blankets.......

j/k, man......great severance or no.....NO one wants to be downsized.......

 

I feel your pain. We just had three people laid off this week. I was pulled to the side and informed by a superior that I am going to be here until the doors close for good. It was reassuring but still worrisome. I may be cut to a four day work week though. I sure wish this economy would pick back up.

 

Kyle,

A co-worker's wife was told the same thing, at her place of employment.
She was told (paraphrasing, here), "Lou, as long as my company is in business, you have a job."

Three months later, he retired and she lost her job. Seems 'the old man' left the company in his daughter's hands. . . . . .