Lilly Is Paying This Much $$ To Laid Off Workers
2 CommentsBy Ed Silverman // June 16th, 2010 // 2:22 pm
If you were recently laid off from a big drugmaker, or worry you might be losing your job soon, you’re probably analyzing info about severance packages. Well, for those who like to compare, here is what Lilly is offering employees undergoing ‘reallocation,’ a fuzzy way of saying those who are being laid off - and want to apply for another job with the drugmaker.
For instance, those who have worked for Lilly less than 10 years get three times monthly compensation; more than 10 years but less than 12 years gets you four times monthly compensation; more than 20 years but less than 21 years and you get 13 times monthly compensation, and more than 25 years of service and the parachute is 18 times monthly compensation. This is the complete document distributed to employees (see this), complete with boilerplate. Enjoy…
A big tip of the hat to the Indy Star
Sunshine Mom
I was laid off by another large pharmaceutical company, so unfortunately, I am familiar with severance packages. In my opinion, the Lilly severance package is not very good. Based on the number of years that I have in the industry, I will be getting more than twice the amount of severance from my company. It’s a tough market out there if any of us want to stay in the industry. Best of luck to everyone!
pharmavet
Having worked on compensation issues as a consultant to companies going through layoffs, I agree that this is not a very good severance package. A make-up call would be retiree health benefits for life thrown in. My previous company paid for that plus local retirees got one dozen meal tickets/month for free lunch at company HQ, among other gold-plated benefits.