So what is this years severance package?

[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.

Thanks my peeps. All this chatter is most helpful. What about the bonus? If you leave you don't get it. At no fault of your own you are laid off do they pay you out now or do you get paid at the usual March 2014 time? Scary Halloween to say the least. I bet Kenny boy leaves us sinking, just like the Concordia captain. Recall time, vote all the execs off the island.

 

[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.

HCV did NOT get the WARN benefit, laid off on June 21, last day of pay was July 31

 

[Anonymous]

Spoke to engineers at wp that were hit. Those who opted to not raise their hand were laid off and had to be out in two weeks. Those from the exact same group who raised their hand, were allowed to hang around for 60 more days.

 

[Anonymous]

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.

Great Post--thank you for your honesty. Can you elaborate on the "last year's bonus" part? Do you mean same amount as received last year in 2012? Don't understand that part. Thanks again for the very helpful info.

 

[Anonymous]

What is merck full retirement mean? Age 65/66 amount?
Also how can 2.5 years employment mean 3 month/ 12 wks severance as stated above?

 

[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.

95% of lawsuits for age dis. are thrown out. The Supreme Court has made it extremely difficult for employees to win. I have a relative that works for a major law firm in NYC and we have discussed this many times. The "teeth" in the law has been ripped out by the SC.

 

[Anonymous]

What is merck full retirement mean? Age 65/66 amount?
Also how can 2.5 years employment mean 3 month/ 12 wks severance as stated above?

Read your seperation guidelines silly! it's in your HR in your laptop!

 

[Anonymous]

If there was truly only a 5% chance of any successful litigation, there would be no severance offered.

 

[Anonymous]

This is a POS company. So many given preferential interviews and some jobs not even posting so they can move a VIP over. FU Merck