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Fidelity targeted about 7 percent of its workforce, all of them employees who were age 55 or older and had been with the company for at least 10 years.
Sven: Offered buy out, not forced. Recently all members of my local union on medicare were forced to find new drug insurance & were removed from plan as of 1/1/17 Age discrimination or not ?
@Derf, Then why target a particular age group even if it is voluntary? What if that group do not wish to take the buyout? Buyouts in private industry refers to a voluntary separation with a severance package.
Yes you have a point Sven. I'm guessing it should have been offered to employees with 20 years or more of service. That would take away age discrimination. Happy 4/th, Derf
Hi guys! I will say only this: in our retirement package, you had to be 55 with 10 years of employment. Also, it was not offered to office people. Also, not to engineering personnel. At our plant (we have 20 worldwide), this is the second time in 10 years they have done this with us. Other plants have had packages also, so it must be something they can do at their discretion to pare down production as necessary. 'Cause we're non-union? Who knows? God bless the Pudd
Didn't know "buy outs" were still a thing. In my world they still lay out out with 2 weeks notice. If you have spent substantial time with company they also give you 1- week pay for each year of service.
Hoping my kids will work for themselves and not for a corporation.
Comments
Derf
Happy 4/th,
Derf
I will say only this: in our retirement package, you had to be 55 with 10 years of employment. Also, it was not offered to office people. Also, not to engineering personnel. At our plant (we have 20 worldwide), this is the second time in 10 years they have done this with us. Other plants have had packages also, so it must be something they can do at their discretion to pare down production as necessary. 'Cause we're non-union? Who knows?
God bless
the Pudd
Hoping my kids will work for themselves and not for a corporation.