Last Friday we were told the WFR (Work Force Reduction) plans for the account I work on.
September 15th - 22nd Lay off notices are given
Septmeber 22nd - 29th - Transition duties to Kuala Lumpur
September 29th - October 20th - Internal job searches
October 23rd - December 22nd - WFR pay (paychecks every two weeks during this period)
December 29th - Lump sum severence pay (minus the WFR pay) + any company savings and/or pension earned.
If I am one that is being laid off, I will get a check for about 2 months pay + unused vacation on Dec 29th and that will be the end of me and my company. If I am one of the "lucky" ones who stays on board, I am not sure what I will be doing, although I have an idea. Under this model my wife and I are OK up until the end of March or so. If I get the lump sum of my pension money, I may just take the tax hit and pay off the van or one of the credit cards to lower the monthly bills some.
Just though I would post this for those who I chat with. I have not said a whole lot since there is not much to tell.
More to come.
1 comment:
That sucks, not knowing.
If you're one of the unlucky ones, that lump sump they give you will have a huge chunk taken out in taxes. It'll suck.
Don't take the tax hit and cash out your pension money, assuming that it's money you'd otherwise keep until you retire. You'll regret that decision in 20 years.
Even if you are one of the "lucky" ones, get on the job search path. You know better than I that just because they kept you this time around, it's no guarantee you'll be spared next time. And you'll not only be doing work that someone who was let go was doing, you'll be doing your own work as well. None of which you'll really want to be doing.
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