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> Verizon said it would also cut 10,400 jobs through voluntary buyouts — a 6.8 percent reduction in its workforce that will cost the company as much as $2.1 bil
by wallacoloo 8y ago
> Verizon said it would also cut 10,400 jobs through voluntary buyouts — a 6.8 percent reduction in its workforce that will cost the company as much as $2.1 billion in severance charges.
Surely this doesn’t mean that each employee who leaves gets to pocket an average of $200,000, right? But where else would this money go?
- 1024core 8y agoThey are offering a generous severance, worth up to 60 weeks (of employment) depending on the amount of time you've been there.
- olyjohn 8y ago"three weeks’ pay for each year of service" from the WSJ article.
- reaperducer 8y agoMaybe the rest is in healthcare.
- Fezzik 8y agoOften a severence will also include X months of health insurance, so that could be a good-sized chunk of it.
- vkou 8y agoMy father received ~1 month for every year of work at Kodak in severance, when he was laid off. I'd be surprised if a lot of those employees didn't have similar contracts.
- dmarlow 8y agoSeems like this is more up to the company and its ability to provide such things rather than being in any explicit contract. What if they're unable to fulfill such obligations?
- vkou 8y agoThis was part of his employment contract. The investors, creditors, and the company's pension funds got a haircut.