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General

Verizon starts early retirement offer

Wednesday 26 September 2018 | 09:54 CET | News
Verizon has offered early-retirement packages to thousands of employees, the Wall Street Journal reports. The voluntary severance packages, which includes three weeks' pay for each year of service, is the first such offer in at least 13 years, a spokesman said. 

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Categories: General
Companies: Infosys / Verizon
Countries: United States
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Comments

VZ is actually stealing the severance pay of 4800 (nominally 'management') IT workers being involuntarily terminated, and using it to fund the $700 million outsourcing of their jobs to India-based IS, plus forcing them to train their replacements. These 4800 do not get their earned severance for this termination up front with freedom to work anywhere (as per normal), cannot post for another VZ job (as per normal), have to accept the IS job offer with a week to decide or else forfeit both a normal severance and the IS job, work there at least a year (normally-lower IS pay supplemented by the stolen severance will be raised up to their previous VZ levels for that year only, as if stringing out their severance and bundling it with IS pay, to coerce their staying the full year and not leave money on the table that was rightly owed to them up front), after which they are likely to be fired with no severance, now being 1-yr IS employees. It's a backdoor outsourcing to an offshore company, funded off the backs of the workers' own stolen severance pay!
Bob cratchit @ 30/9/2018 - 20:01

How come these stories are even made up like this? It is totally untrue for the Verizon rebadged employees whose lives were destroyed financially and emotionally as of 9/24/18. The money that they owe for Severence package as part of letting the people go was used to sell the employees to Infosys to overload their packets. We need severence package and we don't want Infosys period. The life will be miserable at Infosys. No ethics. No values. We hope someone from Government involve to stop these types of american job outsourcing and provide justice to the employees.
Kar Tin @ 29/9/2018 - 03:55

This is only one part of the story. The below is happening in parallel as well which isn't covered by the US media. A section of Verizon employees are being forced to move to Infosys after having spent all their life working for. https://timesofindia.indiatimes.com/business/india-business/infosys-wins-700m-contract-from-verizon/articleshow/65942354.cms
Gokul Padmanabhan @ 26/9/2018 - 20:56


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