PFIZER - A SUGAR PILL BEFORE THE PINK SLIP?
News by Editorial Team 18 Oct 2018
The global pharma major, as a precursor to its planned cutbacks which is set to affect 90,000 workers, or roughly 2% of its workforce, is offering its non-unionized workers the choice of an early retirement. In a recent internal memo, the employees were told that the layoffs are a part of an effort to simplify the organization for a more efficient structure. The severance package will include 12 week’s base pay, besides 3 weeks’ salaries for every year worked at the company, upto a total of 104 weeks to every employee who opts for early retirement. They will also get to keep their stocks and health insurance up to 3 years from their retirement.