Medtronic Early Retirement Offer

Has anyone heard what the enhanced early retirement offer announced this week is going to include?

 

buzz off you old bastard

 

40% to 50℅ depending on situation plus health till 65. ... ? Plus x

 

40 - 50% of what? One person I know received a letter telling her she would get a package sent out. I never received a letter .. but called the 800 number and verified I was on the list of "old farts". Why would some get a letter and others not?

 

personalized packets will be sent out next week (the week of March 13).

 

Received letter saying expedited package to be sent soon.

 

After the old guard is removed has anyone heard about the next RIF? Should follow the Enhanced Retirement Reduction.

 

The enhanced retirement is not that attractive. RIF may be on the horizon.

 

RIFs are always on the horizon. Medtronic has capital set aside every quarter for rifs. One way or another they will constantly remove experienced employees and replace them with lower cost millennials. Hence the early retirement offer. Out with the experienced old (that cost us too much) and in with inexperienced cheap kids who couldn't make a decision to save their lives!

 

Well, that was a lame offer. Five pounds of paper listing every employee not included in the early retirement, one pound of paper listing every employee included (not by name .. just title and age) .. and one single sheet with the offer. No mention of insurance support .. other than you can take Cobra. Offer was only a small percentage of Retirement Stock plan .. put back into the retirement plan. That's why the CEO is in the top 10 highest paid in the USA.

 

CRHF is to reorganize with Heartware and AF Solutions. Rumour is that a RIF will start in the first quarter.
CRHF has little growth. Heartware and AF Solutions are living off old products and top heavy with personnel.

 

Yup! There are so many VPs , senior directors, managers and distinguish engineers! Many leaders but fewer doers.

 

Omar proving to be a real piece of shit when it comes to the field plain and simple

 

Thus, the expected number of people would take the package is low.

 

Story is that the number of folks talking the early retirement package is much smaller than predicted by management. The retirement package is roughly a 15% monthly increase in retirement benefits. Using the time value of money, the package is to pull forward to a Present Value by 3 years of what the normal retirement monthly benefit is.
Senior managers and Directors are saying privately that a RIF plan, developed last quarter, will be implemented within the next two quarters.
It's understandable for RIF implementation for a corporation that has 90,000 employees and annual organic growth of less than 4%.

 

How about CSH, part of CVG? Are they also vulnerable to RIF?

 

Yes. All of Medtronic vulnerable to rif

 

That's too bad. A lots of people are taking forfeited PDOs in April before the deadline of 4/18. They might be surprised after their return from vacation or days off.

 

Were select reps basically forced to take the early retirement package? Or what was the other option??

 

I am on the vacation this week and not looking forward to returning to work.