Several Abbvie postings are about upcoming layoffs. Different severance scenarios have been discussed. One poster said it was 47 weeks, someone else mentioned 84. That's a BIG difference.
Who is correct? Is it variable, somewhere between 47 and 84 weeks, depending on some other factor such as manager imput?
If you were hired a week ago, you will get two months.
If you were hired 30 years ago, you will get 52 weeks.
Everybody else is somewhere in between.
Your manager has nothing to do with it. Neither does your RM. Nor the SD.
HR has the guidelines in their department, so the one thing that you can count on is that every rep hired in a specific range of dates will all get exactly the same deal.
Good luck.
Its well know for years that managers do not get a retention bonus here. The only bonus they have been able to get in years is if they get a rep to quit or get them fired. Why do you think there has been a massive uptick in OEC investigations and putting reps on pips. Each manager gets a direct bonus for each rep they can downsize so that the company doesn't have to pay severence or benefits. This has been going on for years. Lots of managers have made significant bonus money off this plan. The ugly truth about how this company operates gets exposed on CP. This thread will be taken down really quick because its a real posting. I'm a former DM and I participated in these plans and made a lot of bonus doing this.
I did it too. Still here with Abbvie. I couldn't pass it up. We got 5000 net per rep we got rid of. I had three in my district who were low performers. I used pips and investigations to get rid of them. That easy 15 thousand went for some great vacations. I don't feel bad they deserved to get fired anyway!
Its well know for years that managers do not get a retention bonus here. The only bonus they have been able to get in years is if they get a rep to quit or get them fired. Why do you think there has been a massive uptick in OEC investigations and putting reps on pips. Each manager gets a direct bonus for each rep they can downsize so that the company doesn't have to pay severence or benefits. This has been going on for years. Lots of managers have made significant bonus money off this plan. The ugly truth about how this company operates gets exposed on CP. This thread will be taken down really quick because its a real posting. I'm a former DM and I participated in these plans and made a lot of bonus doing this.
Several Abbvie postings are about upcoming layoffs. Different severance scenarios have been discussed. One poster said it was 47 weeks, someone else mentioned 84. That's a BIG difference.
Who is correct? Is it variable, somewhere between 47 and 84 weeks, depending on some other factor such as manager imput?
Whoever you are, you are a liar.
I went through the layoffs in PPD two years ago. Here is what I got
1) 60 days due to government notification
2) Any remaining vacation for the year of the layoff
3) Any accrued vacation for the following year (you start to accrue for the next year at the beginning of the current year
4) One week for every year of service
5) 1/2 week for every year that you are over 40 years old
All gets totalled up. You remain an employee of Abbott for this entire time but are on a PCL (Pay Continuance Leave). If it crosses the Profit Sharing timeline, you get Profit Sharing too.
Options and RSUs are stopped at the time you are laid off.
You can collect unemployment immediately.
If you get another job within Abbott, your leave is cancelled and you start back with no changes to tenure, salary or RSUs (options are no longer offered)
If you get a job with another company, you are paid 1/2 of the remaining monies that you are owed for the rest of your leave.
All in all, it was a pretty good deal.
I got on with another division of Abbott and have thrived with much more empowerment and impact to the division that I moved to.
I went through the layoffs in PPD two years ago. Here is what I got
1) 60 days due to government notification
2) Any remaining vacation for the year of the layoff
3) Any accrued vacation for the following year (you start to accrue for the next year at the beginning of the current year
4) One week for every year of service
5) 1/2 week for every year that you are over 40 years old
All gets totalled up. You remain an employee of Abbott for this entire time but are on a PCL (Pay Continuance Leave). If it crosses the Profit Sharing timeline, you get Profit Sharing too.
Options and RSUs are stopped at the time you are laid off.
You can collect unemployment immediately.
If you get another job within Abbott, your leave is cancelled and you start back with no changes to tenure, salary or RSUs (options are no longer offered)
If you get a job with another company, you are paid 1/2 of the remaining monies that you are owed for the rest of your leave.
All in all, it was a pretty good deal.
I got on with another division of Abbott and have thrived with much more empowerment and impact to the division that I moved to.
Don't forget to subtract the 39% tax rate on all of the above. Final payout you receive is almost half of what you calculate once those taxes are taken out. For example, if you calculate a lump sum payout of $60,000, you will get a check for $36,6000. That's the standard mandatory tax rate applied to severance pay, and unfortunately it is much higher than normal payroll taxes.
I went through the layoffs in PPD two years ago. Here is what I got
1) 60 days due to government notification
2) Any remaining vacation for the year of the layoff
3) Any accrued vacation for the following year (you start to accrue for the next year at the beginning of the current year
4) One week for every year of service
5) 1/2 week for every year that you are over 40 years old
All gets totalled up. You remain an employee of Abbott for this entire time but are on a PCL (Pay Continuance Leave). If it crosses the Profit Sharing timeline, you get Profit Sharing too.
Options and RSUs are stopped at the time you are laid off.
You can collect unemployment immediately.
If you get another job within Abbott, your leave is cancelled and you start back with no changes to tenure, salary or RSUs (options are no longer offered)
If you get a job with another company, you are paid 1/2 of the remaining monies that you are owed for the rest of your leave.
All in all, it was a pretty good deal.
I got on with another division of Abbott and have thrived with much more empowerment and impact to the division that I moved to.
