Verizon doesn't like old employees

[Ben Dover]

Verizon is kicking their old folks to the curb.  Out with the old, in with the younger/faster/cheaper/smarter millennials.

[Ralph Mowery]

They are doing what the company I worked for did many years ago.

They are down sizing. It will cost them less in the long run if they buy out the older people that have been there a long time. Most companies give you more vacation the longer you work. The pension will be larger.

If you get rid of the younger people in a few years the older ones will retire and you will have to train new people.

I don't think they are really telling the ones they have to leave, but giving them an option.

Where I worked, the older ones had maybe a year or two before they could retire and some could retire at any time. This is just a way of giving them a slight push to speed up the process so younger ones can be hired if needed.

[Frank]

Then our companies go down the tubes and blame that the pensions are costing them too much and it is the pensioners fault.

[gfretwell]

It is mostly about the money not that the kids are smarter. Older employees generally have better benefit packages, make more money and are willing to put up with less bullshit than a kid who is slave to a student loan they are struggling to pay down. This has been going on for about 3 decades. Some of the "kids" they were hiring to get rid of geezers like me are being kicked to the curb now. Back when I was being pushed they had an over funded pension plan to sweeten the deal with a nice package they could offer. I got a full pension at 49. That was a win-win for both of us. They got me off the payroll and that improved their bottom line. I got to retire early instead of just being laid off. These days the deal is not as sweet since defined pension plans left about the same time I did and I am not sure what they have to offer now.

[Ralph Mowery]

That was the way it was at the company I worked for. I could have retired at 55 with about 80% of my pay and most of the medical insurance for me and the wife paid for.

The company got bought out several times. The eairly retirement went out and no insurance after leaving. The pension fund was over funded to start with and later raided .

The newer employees did not get any pension and less vacation time. The older ones had the pension froze and would have to wait to alteast they were 62 instead of 55.

The last time we got bought out worked out fairly well for the older ones. We got to apply for the pension at a reduced rate and still kept on working. Doing some calculating similar to the Social Security way, it would take us to around 78 years old to break even and get more money out of the retirement fund. Doubt that many of us will be around at that age and if so, would not need the extra $ 500 a month anyway. We could have lots more fun with over 1500 a month extra at 56 to 78 years old. Even invested in a mutual fund we would have had more money.

[gfretwell]

One thing you find out right away is the only thing that is guaranteed is your core pension benefit. Everything else is a love letter in the sand. My "free" health insurance disappeared right away. Those COLAs they promises never happened either. Guys who got out when I did, do get a little stipend to help offset the Medicare part B but that went away for people leaving the next year. It too is not guaranteed but they still honor it now.

[Tekkie®]

Ben Dover posted for all of us...

ith the younger/faster/cheaper/smarter millennials.

This has been a business practice for years.

[angelicapaganelli]

I've never worked at a company large enough to offer a defined-benefit pension. Nor has my husband (except he was at General Dynamics after they stopped offering one). I've always known we'd have to depend on our own savings (including our 401Ks). He's always had company matching for what he's put into his, but my company is too small and too poor.

Cindy Hamilton