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Buyout Q&A, Jan.22nd Update
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<blockquote data-quote="The Mayor" data-source="post: 1086276" data-attributes="member: 21132"><p>I actually can't believe that I may have some more info here than Mr. FedEx. If you go on to the company intranet, a Q & A section is available with all of the details so far for "the buyout" including all dates, formulas of calculation, etc... Since I'm sure no one wants to go on and read thru it (like I did) I'll do a quick break down of the 97 point areas with the greatest details.</p><p></p><p>1. Watch for your e-mails on Feb. 15th. This is when you will be notified if you have been selected for the buyout. Everyone with at least 5 years of seniority "qualifies," but probally will not likely be chosen. Yes you can also offer to volunteer for a buyout if you are not notified. </p><p></p><p>2. Once notified that you have been selected, you have 45 days to accept. Once you sign and accept, you only have 7 days to retract if you change your mind.</p><p></p><p>3. Departure dates are: May 31 2013, November 2013, and May 2014.</p><p></p><p>4. Monies recieved from the buyout are counted as taxable income, and not counted towards retirement income. You will also be paid vacation time, personal time, and FH. No sick days that I saw. </p><p></p><p>5. Once you leave the company, <u><strong>you CANNOT be re-hired by ANY OTHER FEDEX COMPANY. <img src="/community/styles/default/xenforo/smilies/FeltTip/happy-very.png" class="smilie" loading="lazy" alt=":happy-very:" title="Happy Very :happy-very:" data-shortname=":happy-very:" /></strong></u></p><p><u><strong></strong></u></p><p>6. The formula for calculation is as follows. Take your last 4 paychecks from the month of NOV 2012 and add. Then divide by 4. This gives you your average weekly pay. Then take your years of service as of NOV 2012 and multiply by 4, then multiply that # and your average weekly pay. This is your payout...(or roughly 2 years salary). </p><p></p><p>Example: Average weekly pay= $970. </p><p> Years of service= 19 years 3 months (20 years X 4)</p><p> 970 x 80 =$77,600</p><p></p><p>7. Monies will be paid out 45 days after your departure date.</p><p></p><p>8. Contrary to what most have been saying, I actually think that couriers will be offered the buyout. All of what I have been reading states that they will be going by "classifications." Even if they do offer it too everyone, it will be very limited to those with the highest seniority to see how many they can get to leave. I also think that this will go at least 2 to 3 rounds of offers. But this is just my opinion because it depends on how many people bite on the buyout and actually leave depending on their classification. </p><p></p><p>Remember, we employee almost 245,000 here in the U.S. and by far, most of those are couriers. It only seems to make sense that they would want to reduce numbers since volume is down (allegedly). Let the questions now begin............</p></blockquote><p></p>
[QUOTE="The Mayor, post: 1086276, member: 21132"] I actually can't believe that I may have some more info here than Mr. FedEx. If you go on to the company intranet, a Q & A section is available with all of the details so far for "the buyout" including all dates, formulas of calculation, etc... Since I'm sure no one wants to go on and read thru it (like I did) I'll do a quick break down of the 97 point areas with the greatest details. 1. Watch for your e-mails on Feb. 15th. This is when you will be notified if you have been selected for the buyout. Everyone with at least 5 years of seniority "qualifies," but probally will not likely be chosen. Yes you can also offer to volunteer for a buyout if you are not notified. 2. Once notified that you have been selected, you have 45 days to accept. Once you sign and accept, you only have 7 days to retract if you change your mind. 3. Departure dates are: May 31 2013, November 2013, and May 2014. 4. Monies recieved from the buyout are counted as taxable income, and not counted towards retirement income. You will also be paid vacation time, personal time, and FH. No sick days that I saw. 5. Once you leave the company, [U][B]you CANNOT be re-hired by ANY OTHER FEDEX COMPANY. :happy-very: [/B][/U] 6. The formula for calculation is as follows. Take your last 4 paychecks from the month of NOV 2012 and add. Then divide by 4. This gives you your average weekly pay. Then take your years of service as of NOV 2012 and multiply by 4, then multiply that # and your average weekly pay. This is your payout...(or roughly 2 years salary). Example: Average weekly pay= $970. Years of service= 19 years 3 months (20 years X 4) 970 x 80 =$77,600 7. Monies will be paid out 45 days after your departure date. 8. Contrary to what most have been saying, I actually think that couriers will be offered the buyout. All of what I have been reading states that they will be going by "classifications." Even if they do offer it too everyone, it will be very limited to those with the highest seniority to see how many they can get to leave. I also think that this will go at least 2 to 3 rounds of offers. But this is just my opinion because it depends on how many people bite on the buyout and actually leave depending on their classification. Remember, we employee almost 245,000 here in the U.S. and by far, most of those are couriers. It only seems to make sense that they would want to reduce numbers since volume is down (allegedly). Let the questions now begin............ [/QUOTE]
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