Rumor around RTP...

is that in 2016 severance packages will be cut from 2 weeks to 1 week for every year of service. The hits just keep on coming!

 

That is a truism from Raleigh.

 

You've been posting this bullshit rumor for 5 years. Guess what? It's never happened that way.

 

.

 

I also apologize for this immature post.......he is playing on the internet tonight from his mother's basement.

 

Yes we know...

 

@ one time, it was one month for every year.

 

That my dear sir is called " The Good Ole Days " ! I was there.....things are changing !

 

ex HR person. You are incorrect, as this will not occur until 2017. It's a done deal.

 

......and we'll bet there are a lot of ex-HR people out there !

 

Been with the company 25+ and during that time it has never been any more or any less than 2 weeks per year of service.

 

..........oops, until now !

 

Yet, we have seen the same moron give repeated predictions of cuts in the severance packages and they never come true.

 

Use your head people. You're going to give someone with 25 years of service 1 week for every year? That's 6 months. The age discrimination law suit would cost more than giving them 2 weeks, or 50 weeks of severence. For someone with 10 years, 20 weeks or 5 months is not unreasonable or expensive for a company who is downsizing. It's a write-off, and positions them better for future earnings.

 

If GSK could avoid paying 2 months per year they would do it. However, this is not only the industry standard it is the US corporate standard. Anything less will have the employment lawyers salivating for the chance to take them on. Trust me. I married one.

 

The past:

I've been with GSK for 28 years, and at one point our severance was 4 weeks per year.

The future:

I have also heard that severance will be cut to 1 week per year. This was told to me by a VP from "GMS above-site." I am not inventing this. He unambiguously told me that 1 week per year was going to be implemented.

Like anything else at GSK, it could be changed or delayed, but this is not an invented rumor, it something that a senior VP (who I've known for 28 years) told me.

 

this will save us close to a billion I hear...............

 

You must have been legacy Glaxo as having been legacy SB, it has never been +/- 2 weeks.

 

I was hired in 1967.......yes it was !

 

Correct, I was hired at Glaxo.

At that time we also had a real pension, not this cash balance scam. We lost the pension during Glaxo-Wellcome merger. I don't remember when severance was cut from 4 weeks to 2. In the grand scheme of things the severance was last important than the pension hit. Still, I'm grateful take what Glaxo/GW/GSK gave me.