What's your price for a buyout?

[lightning]

There's a rumour going around at my place that some senior faculty will be offered buyouts this fall.

I can be bought, and everyone has their price. I'm sure my price is too high, but I'm curious . . . . .

What's your price? Two years' salary? Three? One? A fake gold watch and steak knives?

[Parasaurolophus]

I've never thought about it. At a glance, two years seems insufficient--I'd be relatively comfortable with five, I think, and I guess I could make three or four work. But I'd really have to believe that my writing was on the wall.

[AmLitHist]

I can only drool over the idea of a year or more's pay as severance incentive. I just looked at our most recent offer (2021).  We had the option of:

1.  Full insurance coverage (i.e., both the employee's and college's portion) for up to 24 months--based on one month of coverage per full year of employment.  (In my case, if that were offered today, it would be worth about $2200/month for 20 months); or

2.  1.5% of the employee's current base salary x the number of years of FT employment, UP TO a maximum of $30,000. (For me today, that would be about $24K.)

So, not jack-diddly-squat, though if it happens again tomorrow I'd jump to take the insurance (as it would bridge me to Medicare coverage).

Crappy as the options are, though, I have to admit that things are sufficiently rocky here now that I'm eagerly awaiting another VSIP (voluntary severance incentive plan) offer. (I do have the advantage of having a good pension waiting, with about $200K available to me right now as a partial lump sum, plus a guaranteed monthly net payment of about 75% of my current take-home. I won't get much in SS since I haven't paid in for the past 20 years.)

I lived poor for a long time before getting this job, so I know how to do it and can do it again. I just didn't expect to have to go back to living that way after working my ass off (in grad school and on the job) all these years. Still, I know I'm way better off than a lot of people, so I guess I should STFU.

[Parasaurolophus]

AmLitHist... I thought it was supposed to be an incentive. 0_o

FFS!

[apl68]

I'm an at-will employee, so I guess the best I could expect would be two weeks' notice.  But where would they get somebody else who could/would do the job for what I do it?  I feel pretty secure, so long as the library remains open.

[bio-nonymous]

If I was at retirement age already (quite a ways to go yet--but visible out there on the horizon!), and thinking about it already, at least 1 year salary severance pay (better yet 2) would possibly help make my decision to pull the trigger easier. My place recently did that, but the caveat was that the department where someone takes that option would lose that faculty line! So, it kind of screwed your colleagues over. I am not sure how many folks took the bait (and to heck with their co-workers that can now do more with less!).

[EdnaMode]

If I were closer to retirement and they offered a buyout, I'd take no less than one year's salary, would prefer two, but the most important thing would be to keep my insurance at employee rates until I'm eligible for Medicare. My insurance isn't amazing, but it's okay and the cost is reasonable. I've lived below the poverty line before, and don't wish to do so again. I could continue to do the consulting I already do to bring in additional income or would look for an industry job, or if all else fails, go work at a bookstore because I always thought that would be fun, though I'd probably make excessive use of my employee discount and spend most of my income on books.