Severance Package

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Anonymous said:
You should find out who your HR person is and call and ask about the severance. They are expecting the calls, so dont be shy. I thought the Merck severance is 1 month plus 2 weeks for each year of service. That does not include the 60 day WARN period, so you can add that.
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"That does not include the 60 day WARN period, so you can add that" - please explain what this means with a "real world" example??? So, e.g., if you are let go on 10.31.11, you get 60 days of salary BEFORE your severance package kicks in??? Seems to good to be true.
 




Anonymous said:
That can't be true. My manager told me that only non-revenue generating positions would be affected! Is it possible that Merck considers sales to be non-generating? Or is it possible that they're lying to us....again?
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Pull your head out of the sand. Of course that is what your manager is going to tell you. He or she wants you working, not worrying. BTW, your manager will find out the day before you do.
 




1) Yeah, we heard the same non-revenue generating BS, too. Guess what, marketing, managed markets, and other groups are finding out if they have jobs by the end of the month.

2) Yes, the WARN Act means they have to give you 60 days notice that your job is gone. They may make you work for 60 days and then your severance kicks in or you can be done that day and your severance kicks in immediately and you just got two more months of money and vacation.
 




Anonymous said:
"That does not include the 60 day WARN period, so you can add that" - please explain what this means with a "real world" example??? So, e.g., if you are let go on 10.31.11, you get 60 days of salary BEFORE your severance package kicks in??? Seems to good to be true.
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Not too good to be true but your calculation is slightly off. It's 60 days from the date they notify you your job is ending. So, if they tell you on 10/1 (just an example) that your last day is 12/1 (60 days later) they can either compel you to work that period or let you go at some point along it.

Either way the Federal (and NJ state for those working in NJ) are entitled to the 60 days of pay. Your calculated severance (base weeks + x weeks per year of service) begins at the end of that 60 day period. In this example the severance starts on 12/1. You can also file for unemployment only AFTER the WARN period expires. In some states it is the WARN period AND the severance period.
 




Anonymous said:
Not too good to be true but your calculation is slightly off. It's 60 days from the date they notify you your job is ending. So, if they tell you on 10/1 (just an example) that your last day is 12/1 (60 days later) they can either compel you to work that period or let you go at some point along it.

Either way the Federal (and NJ state for those working in NJ) are entitled to the 60 days of pay. Your calculated severance (base weeks + x weeks per year of service) begins at the end of that 60 day period. In this example the severance starts on 12/1. You can also file for unemployment only AFTER the WARN period expires. In some states it is the WARN period AND the severance period.
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Thank you for the valuable info.
 




Anonymous said:
Extra degree...all depends on what it is. MBA or Law must be a top school. Any PharmD is valuable, MD from anywhere on earth is good, PhD in Chemistry or Biochemistry is good.
Masters in Engineering or IT is valuable. MA or MS in English, History, Psychology, Sociology, Math, Chemistry Teaching...are all a big question about jobs.

Think long about it.....Steve Jobs had no degree. My blue collar neighbor fixes cars and is cleaning up with his businesss....awful lot of highly educated on unemployment.
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These MBA's and PHd's are all overrated.....the colleges are overrated too. In this economy you're only going to come out doing a clerical or secretarial job. Now with that salary how do you pay off those hugemongous student loans?
 




Anonymous said:
Suzie Orman is a fake. She give you investment tips and has 95% of her money in bonds for the last 15 years. Companies come and go but a degree will always help. You can't go wrong by betting on yourself. It's the best investment.
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OH Yeah....tell that to the 99% folks on Wall Street. Many of those who have degrees are now suing their college they got them from. You're better off going to a technical school and becoming certified in something rather than get a degree from these prestigious schools its not worth it. Next crises bubble to hit us are the defaulting of student loans. WHY??? Because there are no jobs, its the economy. It doesn't matter what degree you have!
 








Anonymous said:
OH Yeah....tell that to the 99% folks on Wall Street. Many of those who have degrees are now suing their college they got them from. You're better off going to a technical school and becoming certified in something rather than get a degree from these prestigious schools its not worth it. Next crises bubble to hit us are the defaulting of student loans. WHY??? Because there are no jobs, its the economy. It doesn't matter what degree you have!
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You can’t default on student loans. Even if you declare bankruptcy they do not go away. The second you find another job, they will take it out of your paycheck. Also they will tack on another 3-5k for administration fees alone with the loans.
 








Anonymous said:
So, pay off your student loan with a home equity loan and then go bankrupt.
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Sounds good if you can get the home equity loan first. But then you are out of house as well.
The entire student loan business is a scam. The reason tuitions are so high is due to the enabeling of student loans. They should outlaw student loans then the tuition would be reasonable. You thought the drug industry is gouging? Look at student loans as a big ripoff!
 




Colleges are the biggest racket going. One college tries to outdo the other. Money pits for students and parent and schools. All kinds of fat funding to keep the goodies rolling in for the tenured and the administration. A degree from one college is not much different than another...you pay for a name. Have seem some of the biggest dummies from big name schools while real talent can come from some Podunk College USA. Grad school now is crazy unless its in some high demand area. I recommend kids in HS to think about trade that pays before some la la liberal arts program that will help them be well rounded and unemployed for years to come!

Have a trade and you wouldnt need to worry about severance...
 




"Have a trade" is indeed great advice. Whether it's nursing or brick laying, you're never going to starve if you have the knowledge and ability. The soft-handed, spoon fed boy that never learned a trade, got that Communications degree and then went to work for Merck 10 years ago....he's in trouble. He's learned practically nothing at Merck and his "skill set" is just about worthless.

The soup line is over there.
 




Anonymous said:
Colleges are the biggest racket going. One college tries to outdo the other. Money pits for students and parent and schools. All kinds of fat funding to keep the goodies rolling in for the tenured and the administration. A degree from one college is not much different than another...you pay for a name. Have seem some of the biggest dummies from big name schools while real talent can come from some Podunk College USA. Grad school now is crazy unless its in some high demand area. I recommend kids in HS to think about trade that pays before some la la liberal arts program that will help them be well rounded and unemployed for years to come!

Have a trade and you wouldnt need to worry about severance...
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BRAVO....the debt these poor kids are coming out of college are at record levels, only to come out here in the real world having to settle for receptionists, and administrative assistants salaries. You're better off foregoing the college route and get a trade at a technical school, get your certification and start your career.
 




Anonymous said:
"Have a trade" is indeed great advice. Whether it's nursing or brick laying, you're never going to starve if you have the knowledge and ability. The soft-handed, spoon fed boy that never learned a trade, got that Communications degree and then went to work for Merck 10 years ago....he's in trouble. He's learned practically nothing at Merck and his "skill set" is just about worthless.

The soup line is over there.
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If you are a solid salesperson (hard to tell in pharma since its not true sales), you will always be employable if part of your sales skill is selling yourself. There is always something to sell, and always someone willing to pay you to sell their goods, service, whatever. It might take time to make your dollars, pay your dues, but you"ll get there...if, you can really sell.
 




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