What is pros/cons if you send the early termination form even without getting new job? Do I get immediate payment of the base salary for the remaining of the notice period and a lumsum of the severance package? I don't have health/dental plan with Schwab so don't need Cobra. Is there impact to Bonus and the retention bonus?
8 replies (most recent on top)
@1ish+1pmToKbY Yeah I'm not in Texas. And I know someone personally who works at my state's unemployment office, so I'm gonna go with their advice over the peanut gallery who doesn't actually know how any of this works.
@vgv+1pmToKbY
Straight from the Texas Workforce Commission:
"If you chose to end your employment, then you quit. Most people who quit their jobs do not receive unemployment benefits. For example, if you quit your job for personal reasons, such as lack of transportation or stay home with your children, we cannot pay you benefits."
ref: https://www.twc.texas.gov/programs/unemployment-benefits/eligibility-benefit-amounts
@uxi+1pmToKbY there's always gotta be a devil's advocate man. Starting a podcast next?
when you are fired you cannot always apply for unemployment. If you find a job with a company you like consider taking it - you may give up a bonus and unemployment(which won't be your complete salary) and you will be out from under ALL of this moving forward, which could feel good after the past several months - the longer you are unemployed the harder it could be to get a job - just something to consider
@vgv+1pmToKbY to play devils advocate, Schwab didn't force you to sell your car, that was your decision. I agree it is bad on their part to go back on promises for 100% remote, and don't even get me started on their exception process, but nobody at Schwab was holding a metaphorical kn--e to your throat to sell your car when in my opinion all signs pointed to RTO for most fortune 500 companies, even for those who were remote pre-pandemic. To be clear, I sympathize with you and was in the same position as you before I found a new job elsewhere.
@bye+1pmToKbY You can still quit and be approved for unemployment, depending on the circumstances. I did at a former employer and it was approved.
State laws can vary, but unemployment's main concern is that you are unemployed "at no fault of your own". So you can quit and still get it if they created a hostile working environment, drastically changed your role/duties/location, etc.
For example - I sold my car when Schwab approved me 100% work from home under the old program. And now I would have to buy a new one in order to commute to the office I'm supposed to report to come January (as my exception was denied). They can't just expect me to buy and sell cars every time they change their mind on RTO, which we all know happens frequently. So if we can't figure a solution out and I either quit or get fired because of it, bet your a-s I'm applying for unemployment. It's not my fault they can't make up their damn minds.
it also affects you unemployment benefits, since you quit you cannot apply for those
You miss on the bonus . You get reminder of the 60 day . You get your severance . If you don’t have a job here is something you need to consider . Severance and 60 day advances can all end up in your 2023 taxes and increase the bracket . And bonus . Why miss a few extra thousand if you don’t have anything lined up