Freezing future pension contributions and medical benefits. Not the way to reward long time loyal empoyees.... remember, loyalty goes both ways.
Pension/retirement benefits cut....
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AZ has been able to hold on to talent that have tenure for years by leaving Benifits for loyalty alone. That is now gone. Maybe their master plan is to remove the old higher paid guard for new blood.
No need for old timers to stick around here anymore. By removing the golden cuffs, AZ is hoping you leave for greeener pastures so they won't have to
pay a severance and high restructuring costs. Medical benefits are also a thing of the past now. Those of you holding out for a severance may now never get it. In fact, don't be surprised to see that change also in the future if you do get one. The old timers who were let go last year were actually the fortunate ones. There is a new reckoning at AZ. The old days and old ways are officially over.
pay a severance and high restructuring costs. Medical benefits are also a thing of the past now. Those of you holding out for a severance may now never get it. In fact, don't be surprised to see that change also in the future if you do get one. The old timers who were let go last year were actually the fortunate ones. There is a new reckoning at AZ. The old days and old ways are officially over.
This has been going on for years and not just within AZ. But AZ has been steadily eliminating employees who qualify for the legacy Zeneca defined pension. And they have cut the health care benefits of all retired employees by instilling a lifetime $25K maximum payout for all RX and Health Care charges. That can be one hospital visit or one chronic disease that requires expensive medicines. That is not the health care plan that was promised to all of those who retired from this company. Those of us that have remained loyal and stayed are now getting stabbed in the back. What a great company we work for.
Oh the irony of a pharma company cutting benefits and then pressuring its sales force to convince doctors that cost is not an issue. Leadership is an embarrassment.
OK this is the final straw for me. I have worked for this company for over 25 years having started with Zeneca and I have always tried to do the right thing. I have supported my management even when I disagreed with them. I have won numerous sales awards and have always believed that if you do the right thing then you will be rewarded. I now feel like those Vietnam veterans who threw their medals away. It is all a bunch of lies we have been sold. This company doesn't give a shit about me or you and so now I say, FUCK YOU. I am going to lie, cheat and steal during my remaining time here and take with me as much as I can.
How horrible that a major pharmaceutical company will no longer support the health of their retired employees. Disgraceful
I’m not “pension eligible” but these changes indicate much more about the culture of this company. We will see other changes that affect ALL of us. Sea change
You can be damn certain that the socialist Europeans will get their retirement and healthcare. Frenchy scoffs at you American pigs! He farts in your general direction!
That's the spirit!!! Finally, someone is showing a little spunk! Get back at AZ by embracing the ALL DAY LIE, like I have been for years! It makes things a whole lot easier to swallow when they screw you! I haven't worked a full weaken over a decade! Come on brother! Embrace the LIE!
It's too pathetic that anyone with tenure here can only hope for a layoff and a severance. Now anyone displaced in the future (probably) will get no severance. I'd bet that's coming next. Instead of two weeks per year, it's gonna be at best 3 months salary for everyone.
Highly suggest everyone with tenure to get out AZ ASAP. You CAN find another company that is loyal to their employees vs. a culture of being distasteful and deceitful in their shining moment.
No matter your age, if the writing isn't on the wall, I personally don't know what else could be so in your face obvious.
Since last offered in 2012....nothing but regret not volunteering to leave with at least something.
Watch out, it's so bad now that you can't even beg for layoffs. What's the difference? Might as well stay. Screwed either way. AZ absolutely needs to can the moniker "We do the right thing". Better not hear that term anytime soon.
Highly suggest everyone with tenure to get out AZ ASAP. You CAN find another company that is loyal to their employees vs. a culture of being distasteful and deceitful in their shining moment.
No matter your age, if the writing isn't on the wall, I personally don't know what else could be so in your face obvious.
Since last offered in 2012....nothing but regret not volunteering to leave with at least something.
Watch out, it's so bad now that you can't even beg for layoffs. What's the difference? Might as well stay. Screwed either way. AZ absolutely needs to can the moniker "We do the right thing". Better not hear that term anytime soon.
Their plan is certainly to remove the loyal long time employees! Both of these changes affect the people that have stood by the company. It certainly is a sad statement about their feelings on loyalty
! I can't say I am surprised but I am sick by it!"Do the right thing" all bullshit by a bunch of bullshit artists. Time to fire most of leadership. Products are failing because of countless numbers of idiots.
i have been giving my heart and soul to these Assholes for 15 years I’m so over this company I am going to steal and cheat as much as I can because I know the end is near I’ve been buying lunches and taking all of the food home no one has called me yet I’m going to be doing this more and more by the time they figure it out I’ll be long gone ha ha
That my friend is exactly what they are doing. And not so much new blood, but cheaper blood.
The UK company has decided to put the UK first. Let that marinate Trump supporters.
Pension plan cuts will pay for patients free one year of FASENRA (benralizumab).
We should all be proud to support these cuts and sacrifices they help pave the way for future medicines
We should all be proud to support these cuts and sacrifices they help pave the way for future medicines
I raised my hand in the 2012 layoff, got 2 weeks for every year plus 1 week for a total of 63 weeks severance. Then, I had to decide on taking the lump sum and rolling it into an IRA, or take one of the annuities under the defined benefit pension plan. After, MUCH research, I am glad I self-identified (which I understand you can no longer do), and took the lump sum. I knew something was most likely to happen to the DB Plan, but I didn't know what. I am now on Medicare, and have the $25,000 AZ Medicare Indemnity Plan, along with Plan A&B for Medicare.
I predict two things will happen at some point. First, they will reduce severance payout in some way, and secondly, they will do away completely with any type of retiree health care. You can bet there will be more layoffs as well. Pascal and the Board, ALL need to be replaced! Good luck to all of you that's left!
Saw this on another thread. Seems to be a good fit here.
So last year, many of those cut were tenured individuals who were part of one of the organizations that became AZ in 2000. Many of those people had decided to stay with their defined pension plan. The "experts" in HR knew how to make the numbers look like there were enough other severed people to be very difficult to prove age discrimination but it was clear what the tactics were.
Now we have those same defined people still with AZ frozen at Dec 2017 levels regardless of how long they stay on. The lucky ones are already in the qualifiable age range and will retire shortly, definitely before 2020 to get the health benefit. This is part B of the plan. Continue to get higher salaried people with retirement benefits out the door (w/o a severance), replacing them with less costly employees that came on board more recently. AZ will continue to turn the screws on the retiree with their health benefit. There will be higher cost sharing and lower total coverage to reach a point that what the retiree gets will be a joke.
As for those other employees, if you think "they" are done there, you are dreaming. AZ has no loyalty to you...none! I can see a future where CV is cut w/ another generic entering the fray shortly, resp/pcp will be a shell of its former self once generic Advair comes out & Symbicort continues to lose share. Diabetes? Could cut 50% and not miss a beat. For those in diabetes, you know this to be true.
There will be more cuts and they will happen shortly (within the year). If you think otherwise, all I can say is good luck to you.
So last year, many of those cut were tenured individuals who were part of one of the organizations that became AZ in 2000. Many of those people had decided to stay with their defined pension plan. The "experts" in HR knew how to make the numbers look like there were enough other severed people to be very difficult to prove age discrimination but it was clear what the tactics were.
Now we have those same defined people still with AZ frozen at Dec 2017 levels regardless of how long they stay on. The lucky ones are already in the qualifiable age range and will retire shortly, definitely before 2020 to get the health benefit. This is part B of the plan. Continue to get higher salaried people with retirement benefits out the door (w/o a severance), replacing them with less costly employees that came on board more recently. AZ will continue to turn the screws on the retiree with their health benefit. There will be higher cost sharing and lower total coverage to reach a point that what the retiree gets will be a joke.
As for those other employees, if you think "they" are done there, you are dreaming. AZ has no loyalty to you...none! I can see a future where CV is cut w/ another generic entering the fray shortly, resp/pcp will be a shell of its former self once generic Advair comes out & Symbicort continues to lose share. Diabetes? Could cut 50% and not miss a beat. For those in diabetes, you know this to be true.
There will be more cuts and they will happen shortly (within the year). If you think otherwise, all I can say is good luck to you.