Once in a Rare While My Faith in Corporations Is Restored

[desertslave]

Yes, there are impending layoffs, but sustaining pay and benefits to those workers, as well as those who will retain their jobs until the factory is repaired, impresses the hell out of me.

http://psdispatch.com/news/home_top-local-news-news/152218973/Schott-glass-employees-to-be-paid

For those who aren't familiar with Schott, they are one of the primary manufacturers of high quality optical glass in the world.

 

[Zeb_Carter]

So who are the lucky few who get to stay at home and play video games and still get paid for it?

I was reorganized out of a job, the company paid me for 2 more years while I sat at home looking for a new job. I found a job within a week. I was collecting 2 paychecks for 2 years. That was sweet.

 

[JustaSCOUNDREL]

So who are the lucky few who get to stay at home and play video games and still get paid for it?

Actually according to the story 100% of their employees are, for a while anyway. Even the 800 who have already been laid off will continue to collect their pay and benefits until early April and the remaining nearly 1500 will continue until the working spaces are repaired and are ready for the workers to return to work.

I was reorganized out of a job, the company paid me for 2 more years while I sat at home looking for a new job. I found a job within a week. I was collecting 2 paychecks for 2 years. That was sweet.

When I retired from the navy I had 90 days of unused leave , I went home and continued to draw my navy pay for those 90 days while I looked for work and found a job. For a couple of months I was drawing my navy pay and the pay from my new job.

I also could taken my 90 days of navy pay as a lump sum when I retired, I kinda liked the idea of spreading it over the three months.

 

[ishtat]

The plant would have been insured for fire. It would also be insured for Consequential losses. As a standard extension of a Consequential loss policy, the company can insure the wages of employees (for a specific period of time, usually 12 months, sometimes more.)

Sometimes the company will only insure a proportion of wages - of the essential employees and lay the others off. Where you have specialist skills like you have here, it was probably sensible to insure wages 100%.

 

[49greg]

So who are the lucky few who get to stay at home and play video games and still get paid for it?

I was reorganized out of a job, the company paid me for 2 more years while I sat at home looking for a new job. I found a job within a week. I was collecting 2 paychecks for 2 years. That was sweet.

I had a similar experience when they were downsizing and I volunteered to take the severance package. Unfortunately I wasn't paying enough attention when I filled out the paperwork, and somehow opted for no withholding. Did that ever come back to surprise me at tax time. But two paychecks was nice, real nice.

 

[Zeb_Carter]

I had a similar experience when they were downsizing and I volunteered to take the severance package. Unfortunately I wasn't paying enough attention when I filled out the paperwork, and somehow opted for no withholding. Did that ever come back to surprise me at tax time. But two paychecks was nice, real nice.

Just goes to show you not all corporations are horrible greedy louts.

 

[Hypoxia]

Just goes to show you not all corporations are horrible greedy louts.

Schott is a German firm and IIRC Germany requires labor representation on corporate boards. Could be the union reps back home pushed Schott NA on this.

 

[Zeb_Carter]

Schott is a German firm and IIRC Germany requires labor representation on corporate boards. Could be the union reps back home pushed Schott NA on this.

Well the company I worked for was a US corp. Payouts upon layoff was calculated based on how long you worked there. One month pay for every year you worked there. 24 years equaled 24 months of pay...full pay. The poor guy that had only been there a year suffered, but they weren't laying off new guys. Only us old guys...not age old...I was 52 when that happened...but those who had been there the longest and on the wrong side of the application.(long story, they chose wrong)

 

[Handley_Page]

Well the company I worked for was a US corp. Payouts upon layoff was calculated based on how long you worked there. One month pay for every year you worked there. 24 years equaled 24 months of pay...full pay. The poor guy that had only been there a year suffered, but they weren't laying off new guys. Only us old guys...not age old...I was 52 when that happened...but those who had been there the longest and on the wrong side of the application.(long story, they chose wrong)

The US firm who had taken over a UK firm for whom I worked had a different way (back in the day), Last in, First out, so out I had to go.

 

[Zeb_Carter]

The US firm who had taken over a UK firm for whom I worked had a different way (back in the day), Last in, First out, so out I had to go.

This was a software firm that was privately held, expanded through acquisition and then merged with a publicly held company who was our biggest competitor. For almost five years the two products were still competing when the CEO resigned, leaving the COO in charge. He was from the darkside, I was part of the team on the lightside. Almost all lightside team members were let go. And the darkside product was the worst of the two, yet that was the one they sold to all those unsuspecting companies.

Actually, the firm I originally started with, first acquisition was a UK firm. We brought most of them over to the US. A few stayed in the UK. We changed our name to International with offices in the US and UK.

Eventually, we had offices in California, Georgia, South Carolina, Alabama, UK, Japan, Singapore, Sydney, and Bahrain.