Definitely an excellent move my HR, thank you.
27 replies (most recent on top)
@1ee it’ll be taxed at the assumed tax rate which is just maxed out in all categories. ~42%
GE did this less than a year before they started several waves of enormous layoffs (they did it in 2016) . They also only did it for salaried employees. People seemed to either take the same amount they were allowed to before or less than ever. It didn’t seem to get abused at all. When laid off we didn’t get paid out any time
@c6
If your job does not interface with AI or silicon photonics, keep your resume and LinkedIn profile updated.
@1bw
Taxed at 25%
@1ad yeah its supposed to be taxed at 45% percent for whatever you don't use. I believe the switch is around September.
@1ad
No project is worth working that many hours.
Will be taxed as a bonus.
You can ask co-pilot
@121 did they say that’s the tax rate? I’ve been at my max accrued hours for months because of a massive project that’s required me to work 50-60 hours/week and not be able to take time off. If it really is taxed as a bonus or at a higher rate than “regular” pay, I’ll be taking as much PTO as I can before the change happens.
Imagine the lowly HR personnel, including AS and PR, saying this whole vacation policy is 100% a wellness decision (when we know it is a cost-savings plan directed from the top), kick their feet up like they got one over on one of the most educated (bachelors, masters, and PhD) industrial sectors in the US workforce, when we all know they are full of cr-p.
When you challenge the lowly HR personnel, they lecture you about your “bias and built-in assumptions” when we actually know the truth. GF would be better off firing all of HR like the company Bolt.
I save my vacation to use it all to travel home for 4 weeks, will this be viable under the non-accrual policy, is it more likely to be denied now though it was never denied in the past?
I have concerns
If Globalfoundries hire engineers the way they hire HR employees, the company will fail.
They've asked the same question 10 times!!
Can you explain how getting rid of visibility for pto is a good thing? What about the payout for vacation that is taxed at 45%, is a good thing? If you do any decent research, employees do not like this method, because 1) increases pressure to feel guilty about taking time off, 2) makes it easier for your manager to decline or reject vacation(even if already on the calendar), and 3) its a miserable system to use because people like to know how much time they actually have. Its as if knowing your time makes it easier to balance work and life. Just further proves that this company is allergic to making good decisions.
@10p+1kx41gjm0 you were not in the same meeting as the rest of us 🤣
One of the best HR policy change in a long time. Let's give HR credit for getting this right
Having 200 hours vacation means several thousand dollars in September payout, plus unlimited vacation to spend it on, boo yah.
Pivot!! Pivot! Pivot!!
@fx "but will they pay your "saving vacation", before the policy change?"
Yes, all unused vacation will be paid out before policy change in September.
@vc
Salaried employees only.
- Managers discretion
- hardworking impactful employees will get denied
- slackers with no impact approved.
Any updates?
This isn’t good
Unlimited PTO is a way to avoid carrying excess liability on your books. Every day / hour in your balance is a financial liability for the company. There’s also nothing unlimited about it. Be assured, this policy was not adopted for the benefit of the employee. All policies benefit the company first.
but will they pay your "saving vacation", before the policy change?
not unlimited vacation, they are removing the acrual cap so you will not be punished for not taking vacation.
This only impacts salaried workers, not hourly,which means those factory workers will be shafted again but they're used to it else they'd quit.
As @b9+1kx41gjm0 stated. This means there is a massive layoff coming and we won't be paid out for our saved time. This change will be paraded as industry leading. Good luck everyone. The rumors I'm hearing are sometime near the end of August/September time frame.
"Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity."
- MLK Jr
They do this so they don't have to pay out accrued PTO at termination of employment.
Good luck trying to take vacation days. Unlimited vacation is a scam.