Thursday, February 4, 2021

The Shutdown

 It was announced that Siemens plans to permanently shut down the Olean operations in the summer of 2022. If Tim is able to work right up to the end, he will be 65. Insurance will not be a worry. 

We both breathed a sign of relief. 

It is possible that he might be laid off before that time, but it is hopeful and it gives us breathing space to figure out what happens next. 

16 comments:

  1. Surely this late in the game if they were to lay him off this close to the end there could be some question about their motives. Hopefuly, that won't occur.

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  2. That's kind of good, hey.

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  3. They are shutting down the plant. They've got 18 months worth of back orders. They will finish these things off. As they do, they will need fewer and fewer people. The first layoffs are due to begin in April. Everyone who is laid off will have to 'bump' if it is possible (look for others who have less seniority than they do and take their job from them). It is a very uncertain time. It's also a very unkind time. Tim has quite a bit of seniority so that will likely help him hang on for a while. The motive, as always, is to increase profits.

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  5. Most people breathe sighs of relief but you and Tim breathe signs of relief. Was it a deliberate mistake Debby? Sorry to be so picky. Just can't help it.

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  6. LOL. Good signs and sighs of relief too. YP, you have caught me!

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  7. Call me a cynic but? Probably the reason they are keeping him on is so that they don't have to pay any redundancy.

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  8. I guess that your redundancy pay is what we would call severance. Most of the time the only people to receive it would be the 'big shots'. I received nothing from my company besides 'sorry about that'. Siemens is a union shop. Tim will receive a severance package. This is an exception to the rule.

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  9. Well hopefully your state is like ours and there is a three month Cobra insurance after the last day of work so that could widen your safety zone in 2022 a bit if Tim makes it that far.

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  10. Let's hope he is one of the last to go. My husband has been made redundant a few times, twice without pay as the companies went bust, plus his last pay cheque bounced. But we pulled together and got through, which I'm sure with your tenacity you will too.

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  11. Oh we will be fine. Ed, cobra insurance is very expensive. $1600 per month. Basically you get to keep your insurance by paying your share and your employer's portion. Most people in this position can't afford it.

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  12. Hoping that the timing works out for you! My health savings that I paid into by cashing out unused sick leave runs out a few months before I turn 65.It has been so very helpful. For a while I'll be paying $700 per month for my insurance, then Medicare will kick in. I'm still trying to figure out what supplemental plan would be best. There are too many choices.

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  13. My brother worked for AT&T, longlines, and once had to wait out his retirement or plant closing. With 35 years, he was lowest on the seniority. They all made it.

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  14. Oh, thank goodness. Hopefully they can make it work out for him. Even if they DO lay him off earlier, hopefully they can offer him coverage that would carry him through, since he's so close.

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  15. Sounds like the timing will be right, or close. As I've said before, you planned well. As the saying goes (paraphrased), you did not fail to plan, so you will not plan to fail.

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