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Wifes Company Is Laying Off Or Retirement Packages
dav1965
Member Posts: 26,540 ✭✭✭
Anybody that has a number above 80 will be offered a generous retirement package. My wifes number is 90.
She is 54 and has been their since she was 18. So 54 + 36 = 90
She has great work reviews. In 36 years she has received 35 4s and 1 3. 4 is as high as you can get.
Plus she has had perfect attendance 30+ years. One of the kids came early and her vacation was not timed right. LOL Since 1982 or 83 she has had perfect attendance.
Another good thing is she is in new products since 2012 so it would take someone about 3 years to figure out her job. Plus they send a private plan 2 or 3 times a month to fly her to meetings in Indiana. Plus they have sent her to China and Japan to fix problems so she should be pretty safe this time.
Now the bad things. She is at top top pay. She gets 15 holidays paid. Plus 2 weeks at Christmas and a week at Thanksgiving. Plus 5 weeks vacation. Also if she works any of them days she gets triple time and paid 8. 4 hour minimum. Even if all she does is log on to the computer from home.
She does not belong to a union where she works at but other plants for that company has unions so it covers her plant.
They can and will fire you if you do anything from home and not report it.
She works in new products so if she logs on they know so there better be a bill attached to it. She does not think responding to an email she should get paid but its not her choice.
The worst part of everything is they will use me being sick against her. Her company has health insurance however they use a company to pay the bills. Her company pays all the hospital bills out of their pocket. So when i had cancer they paid almost 2 million dollars. Throw in 2 hernias, 1 tendon in the foot, 2 knee replacements. 8 shots in my back and neck every 3 months with a ultrasound like thing showing where to put the shots. Plus operating on 2 hamstrings i think corporate might just know my name.
The other really really bad thing is my medicine is 300 a month with insurance.
So they have a good and bad reason to keep her or let her go. I just hate being the bad reason.
She is 54 and has been their since she was 18. So 54 + 36 = 90
She has great work reviews. In 36 years she has received 35 4s and 1 3. 4 is as high as you can get.
Plus she has had perfect attendance 30+ years. One of the kids came early and her vacation was not timed right. LOL Since 1982 or 83 she has had perfect attendance.
Another good thing is she is in new products since 2012 so it would take someone about 3 years to figure out her job. Plus they send a private plan 2 or 3 times a month to fly her to meetings in Indiana. Plus they have sent her to China and Japan to fix problems so she should be pretty safe this time.
Now the bad things. She is at top top pay. She gets 15 holidays paid. Plus 2 weeks at Christmas and a week at Thanksgiving. Plus 5 weeks vacation. Also if she works any of them days she gets triple time and paid 8. 4 hour minimum. Even if all she does is log on to the computer from home.
She does not belong to a union where she works at but other plants for that company has unions so it covers her plant.
They can and will fire you if you do anything from home and not report it.
She works in new products so if she logs on they know so there better be a bill attached to it. She does not think responding to an email she should get paid but its not her choice.
The worst part of everything is they will use me being sick against her. Her company has health insurance however they use a company to pay the bills. Her company pays all the hospital bills out of their pocket. So when i had cancer they paid almost 2 million dollars. Throw in 2 hernias, 1 tendon in the foot, 2 knee replacements. 8 shots in my back and neck every 3 months with a ultrasound like thing showing where to put the shots. Plus operating on 2 hamstrings i think corporate might just know my name.
The other really really bad thing is my medicine is 300 a month with insurance.
So they have a good and bad reason to keep her or let her go. I just hate being the bad reason.
Comments
My wife's company wasn't nearly as nice. They just called in each of the long time employees, & offered them 1 week of pay for each year that they had worked if they would "voluntarily" resign. (They got their 401K balance, which, of course, they couldn't withdraw until age 65.) Fortunately, my wife was on my company health insurance policy, so she didn't have to worry about that.
It's not personal, it's just business.
Neal
The cost of insuring you or what you may have cost the Insuranance company is not a factor.
This is the first haircut- next time it might simply be a layoff notice.
+1
This is a right to fire state and with all the experience she has they may bring her back as a contract employee working part or full time.
Nowadays big companies are run by "Economist/Managers who bought their degrees.
They:
Get rid of productive employees
They are a threat to the lazy and incompenent.
Get rid of the older employees
They are making the most money and using the most benefits.
Get rid of the people that know what what they are doing
They are a direct threat to everyone else, esp the managers.
I ran into this very thing working for the government. Which brings up my major point.
I saved and invested then retired one week after I became eligible (age55) eventho I could have drawn more retirement had I stayed longer -- assuming I would have lived through it.
I have not regretted my decision for one damned second!
There is too much to do, too much to see, too much to smile about. And I don't get up at 3:30 AM anymore!
As mentioned above, if she decides to stay, she could get laid off with much fewer choices in just a few weeks or months anyway.
Your wife may be able to use her job experience that way. Good luck to you both.
serf
My wife would come back as a contractor about 90% positive at a massive salary.
Not being funny it would take about 3 years for a smart person to take her job. Someone could come in tomorrow and follow the tech books and figure out a problem in about 4 hours but she can figure out a problem within minuets.
I used to work at the same place she did before i got sick. I did maintenance for her moving or installing cranes opening up new work stations, etc.
Im sure Caterpillar would offer her the moon to change jobs but she would never work for them because she is 100 percent faithful to the company she works for. They looked out for her when i had cancer and she will never leave them unless they let her go.
My agency operated on a similar point system.
We were offered a handsome early retirement plan with the warning that there would not be another. I took it and ran.
I was no burden on the health insurance plan but the month I turned 65 and went on Medicare, The Incident put me in hospital. I hit them hard, also BCBS supplemental and homeowners. They won't get it back from premiums if I live to be 105.
The maximum PBGC benefit is about $67,000 per year, often a lot less. It's always less than the company told workers they would receive. Often, companies would look at their pension fund, declare that it had excessive money in it, & withdraw it & distribute the money to the executives. When business got bad, they would just declare the pension fund bankrupt, & dump it on PBGC. It shouldn't happen, but private industry pays accountants & lawyers a lot more than the government pays the ones that work for them.
Many folks covered by ERISA will never get their pension because they won't be able to locate the plan administrator when they turn 65 & need to collect.
Neal