Originally Posted by
downtube42
We have an announced reduction in force, and for reasons I don't need to explain here I'm at significant risk for being RIFfed
Generally there's a severance offer based on years of service. I have not heard anything this year, but in the past it's been as much as 1 month per year of service, which would be 15 for me. I'm guessing significantly less this time, but I don't know. You're given the option of a lump sum or continued paychecks with full benefits for the duration. The cost is signing a paper saying 1) I won't sue, 2) I won't go to work for a supplier, and 3) I won't go to work for a competitor. Refuse to sign the paper and I walk out with nothing. Terminated exempt employees are permanently ineligible for re-hire.
15 months pay would be a no-brainer, a virtual lottery win. But what if it's 3 months or 2 months or 1? The reduced employment options hurt - many of my professional contacts will be unable to help.
I sweated out 25 consecutive annual holiday downsizings. Each one came with fewer incentives.
I took this year's and will be retired as of the 31st. Three weeks after the retirement decisions were non-revocable the company did away with all retiree health care benefits. We also had the option of signing a pile of non-sue agreements or walking away without the incentive. I signed. I'll find a way to survive and probably sleep better too.
It's a very personal decision that you must make, and then live with, yourself.
Good luck to you, sir.