So what is this years severance package?

[Anonymous]

Any idea on what non-management types will get?

2 weeks for every year? anything else?

Any idea on those who are eligible for "bridging" to retirement.

Anyone hear?

 

[Anonymous]

Any idea on what non-management types will get?

2 weeks for every year? anything else?

Any idea on those who are eligible for "bridging" to retirement.

Anyone hear?

I just heard from an "inside" source that as of Jan 1, the packages get "dramatically" smaller. I wish someone could confirm/elaborate. Somewhere on Café pharma today I heard someone write about a 20K+ layoff. That actually makes sense to me according to the rough math that I have been putting pen to paper: looking at our existing revenue 44B and our revenue at risk. Then looking at our recent drug failures compared to potential blockbusters (Bace, PD-1, odanacatib Etc) and when they could hit the market. Trying to be realistic. Yes, I think we are in serious trouble!!! Why do I care, well I have been here over 20 years but not even close to a "bridge".

 

[Anonymous]

If anyone from ophthalmology or neuro can give us anesthesia reps any insight to this would be great!

 

[Anonymous]

If anyone from ophthalmology or neuro can give us anesthesia reps any insight to this would be great!

I think they got the old package. I heard the new packages start first of year. Cant confirm that though, but source was very connected.

 

[Anonymous]

Band 3 and above will receive 18 months salary plus the average of the best two out of the last three last years bonuses.

 

[Anonymous]

If the severance goes to one week for every year of service many will opt out of severance and sue for age discrimination. Age discrimination is the only labor law that has any teeth. Although if bridging is still around one will have to sign away right to sue also.

 

[Anonymous]

Band 3 and above will receive 18 months salary plus the average of the best two out of the last three last years bonuses.

OMG are you way off in dreamland! The max package is two weeks for every year served, and the taxes are approximately 38% of the final number, which is a much higher rate than regular payroll tax. When you are doing the math on your fabulous "package", estimate about half of that amount, and you'll be just about right on the final number paid to you. Any bonus will not be paid unless you are still employed on the regularly scheduled bonus payout day. Oh yeah, and your company car will be gone in approximately 10 days.

 

[Anonymous]

just put everything into perspective. does this really matter much in the grand scheme of things? sometimes I worry but i always take a look back on what's real. be thankful and health, family and friends. not much matters beyond that. at the end of the day everything else is a illusion. not much more than a kingdom of dirt.
a doctor once told me great advice after i told him how stressed out i was. it was that i don't know stress. stress is getting a phone call with terrible news about someone you love. stress is when a cancer cells forms. it's not merck or any other company.

i will never forget when we had that discussion. it allows me to step back during the worse of times and never forget what's really important and matters.

my wife has millions of photo albums. when i get stressed i look through them and smile. It makes me realize how blessed i am regardless of what happens here.

just writing my thoughts after another stressful day.

 

[Anonymous]

If the severance goes to one week for every year of service many will opt out of severance and sue for age discrimination. Age discrimination is the only labor law that has any teeth. Although if bridging is still around one will have to sign away right to sue also.

Agree. Descrimination suits will increase if severance packages get reduced

 

[Anonymous]

Here's a novel idea: Give the little guys more on packages, severance and everything else....'cause they're really the ones who do need it....

A padded tuffet. Something they know not.

 

[Anonymous]

I was recently laid off. I cannot take the severance package due to outstanding litigation...hhhmmm think that's why I was laid off anybody??? After 18 years of employment, the only thing I received was mental anguish. I was also denied unemployment and had to hire a lawyer to figure out why.
btw, for those of you that go out on STD, don't think you are safe from being let go. Your paperwork will explain that if you are out on STD, that money will be deducted from your sev pay. In other words, you get to pay that money back.

package was 2 weeks per year and last years bonus
18 years down the drain. oh what a feeling.

 

[Anonymous]

If anyone from ophthalmology or neuro can give us anesthesia reps any insight to this would be great!

Former OP rep here. Not sure what severance changes will occur for 2014. First, this is how it will go down. You will be required to join a mandatory tc & net meeting. A live operator will take all your hr info to ensure you are legit. You will then be given access codes for both the tc and computer meeting. They confirm rollcall so you cannot claim you weren't WARNed. A slide comes up with the WARN act followed by executive team sympathy speeches. You then receive an hr settlement via email in 24 hours. You are told to not go into the field anymore. Although you are gone you receive a paycheck-insurance for 60 days. Computer and email done pretty quick. Some people did have cars for several weeks due to volume of layoffs. My payout was as followed: 2 months on payroll (warn act) and two weeks severance for each year served. Last years bonus payout. Except the warn $ this is a lump payout with around 40% tax. To get this you must sign off and not sue. I speak the truth and I hope this helps folks to plan. I was legacy Merck so I don't know if there are subtle differences for SP. Silver lining? Got 75k after taxes and got a similar job ex Merck 5 weeks later. Rolled over my 401k. Bad part? No full Merck retirement. I have to roll it somewhere, still working on it. God bless and I hope these facts help.

 

[Anonymous]

Ok I will set the record set, at least my record.

I was laid off in Ophthalmology. I had 2 years and 5 months with Merck. We were all given 8 weeks warn meaning you get paid every 2 weeks like usual until that 60 days is up. Then the severence of 3 months (12 weeks) which is listed right in HR under Separation by your band level. You are also paid for any unused vacation.

And the car is not picked up in 10 days. We had approximately 5 weeks.

Considering I had been with Merck only less than 2 1/2 yeas I would have to say a 5 month package until the end of the year starting 8/1 was pretty darn good. So no, not every person would get the 60 day warn but we did.

 

[Anonymous]

If Merck calls is severance pay, Unemployment Insurance will be reduced by those number of weeks. We will need to declare it on our initial claim.

 

[Anonymous]

If the severance goes to one week for every year of service many will opt out of severance and sue for age discrimination. Age discrimination is the only labor law that has any teeth. Although if bridging is still around one will have to sign away right to sue also.

Merck is VERY adept at protecting itself from these suits. You will need perserverance and lots of time and still likely won't win. Unfair, but sometimes that the way it goes.

 

[Anonymous]

I thought I was able to look up the Severance on Sync. Do a search and you can find it. I did a few months ago and it wasn't that much difference from 2012. Granted. I'm legacy S-P.

 

[Anonymous]

Agree. Descrimination suits will increase if severance packages get reduced

Are you HIGH? The severance packages have been, and continue to be, reduced EVERY year come Jan 1 for the last 5 years running! The last year that included any kind of base of weeks for your band was 2010. Now it's a straight 2 weeks per year of service plus WARN 60 if qualified.

Lump sum will wipe out close to half of gross number.

 

[Anonymous]

Ok I will set the record set, at least my record.

I was laid off in Ophthalmology. I had 2 years and 5 months with Merck. We were all given 8 weeks warn meaning you get paid every 2 weeks like usual until that 60 days is up. Then the severence of 3 months (12 weeks) which is listed right in HR under Separation by your band level. You are also paid for any unused vacation.

And the car is not picked up in 10 days. We had approximately 5 weeks.

Considering I had been with Merck only less than 2 1/2 yeas I would have to say a 5 month package until the end of the year starting 8/1 was pretty darn good. So no, not every person would get the 60 day warn but we did.

Thank you poster. What about bonus? I know in normal times you have to work the entire year to claim it. If those if us remaining get let go in the next few weeks do we get our bonus or prorated bonus?

 

[Anonymous]

For those of us with calls on October 7, there is no WARN period. We get calls on Monday and by Friday we are no longer an employee- this is due to the fact that a small amount of employees are being let go. I am sure this is a strategy so they don't have to pay us for 60 days. Two weeks for every year of service but this also depends on Band level. MInimum is 10 weeks severence for S1s and 12 weeks for S2s.

 

[Anonymous]

The WARN period requires pay for 60 days from the time of notice. That pay can either be for time worked or it can be in the form of severance. If you are getting 10 weeks severance then you are getting more than 60 days pay after notice and WARN requirements are being satisfied.