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The LCA Handbook states that when laid off, the severance package includes a weeks pay for each year worked at your current rate of pay.So if, for example, you have been employed for 10 years and make $1,500 per week, your will get $15,000 as part of your severance package. Also, whatever PTO or vacation time you have will be monetized in addition to your severance pay.

Hope that helps.
 






anonymous said:
Well, we got a formal answer to your question today. There will be RIFs. Furloughs and layoffs are predictable under these circumstances. Most companies are making adjustments in order preserve their companies’s financial stability.

However, in a place where experience , wisdom, and loyalty do not seem to be valued, it is essential that logic and common sense take precedence.
LabCorp has a 401k, but no pension plan. Although employers may buy company stock at a discount, LabCorp stock does not pay dividends.Since layoffs are based on seniority, it would be most appropriate and prudent to offer those who have seniority and are near retirement, the option to take an early retirement with , at least, the lay-off package presented in the employee manual. Some companies are offering bonuses with an option to be offered a future position, under certain circumstances.

Of course, the above applies to labs that are to remain open. If the lab is marked for closure, everyone will receive the lay-off package.

Feel free to correct me if I am wrong about this.
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Really? Why would LabCorp need to lay-off for a temporary crisis? Isn’t employee retention the reason for all of these $trillions of government aid to corporations in the first place? Besides, as Vice President Pence made known recently, LabCorp and Quest were handed the Covid-19 testing contracts for the whole USA, and that is huge. LCA can hardly get more frugal than it already is, but I am sure that it will find ways. At employee expense, I might add.
 






anonymous said:
The LCA Handbook states that when laid off, the severance package includes a weeks pay for each year worked at your current rate of pay.So if, for example, you have been employed for 10 years and make $1,500 per week, your will get $15,000 as part of your severance package. Also, whatever PTO or vacation time you have will be monetized in addition to your severance pay.

Hope that helps.
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