Is everyone signing their agreements? Has anyone engaged a lawyer to review?
20 replies (most recent on top)
@hz so if you have been with the company for 11 years do you get 34 weeks severance?
@3tf The official severance policy states that the max is 52 weeks worth of severance for all job levels.
There are some helpful and informative posts on here but there are also melodramatic posts and obvious scaremongering.
Please, no more drama queens, let us share useful information.
Does anyone know if there a max in the number of weeks? Those of us who have been here 20+ years, is it truly 2 weeks for every year completed, or is it 2 weeks for every year completed up to a total of X weeks?
Had a lawyer review mine and there was no room for any disagreement to it. His advice was to sign it and move on.
Severance is not required and based on your role and level. Sign the agreement and move along.
@f9 that is BS! I was there for a year and a month and only received 8 weeks. I tried to negotiate and they wouldn’t budge.
@hz this isn’t accurate for everyone. Just got mine today and it’s 2 weeks for every year plus 2 weeks. 3 years check for 8 weeks pay. That’ll be taxes at 50% so I can live for a month right before Christmas. How very nice of them. 🙄
@29h depends if notice is in your regions contracts - worth a read
Two weeks for every complete year of service. No notice period or pay. Unearned RSU & PSU is lost. Non-negotiable.
@bj just curious regarding the ageism comment - how old are you. Over 60?
Thanks
Typical Severance Calculator (your contract or situation may differ)
Years service (complete not partial) and Total Months severance
(based on 2 weeks per year plus 12 weeks notice)
Eg 6 years service is (6 * 2) + 12 = 24 weeks or 6 months equivalent
(The service and notice elements may have different tax treatment depending on your country)
0 3.0
1 3.5
2 4.0
3 4.5
4 5.0
5 5.5
6 6.0
7 6.5
8 7.0
9 7.5
10 8.0
11 8.5
12 9.0
13 9.5
14 10.0
15 10.5
“A friend of mine who was let go on Wednesday got 12 weeks pay. Not bad for only working at the company for 7 months!”
Well that sounds normal and in line with other posters.
Which would be 2 weeks for every (complete) year of service ( zero * 2 = 0 ! ) plus 3 months notice, so yes 12 weeks.
A friend of mine who was let go on Wednesday got 12 weeks pay. Not bad for only working at the company for 7 months!
@bj is it not even 2 weeks for a year of service?
I did have a lawyer review mine and he said it was low and there was evidence of ageism, but it would be hard to prove. So I signed it. Sadly. It was low considering...
What is the severance being offered? 2 weeks per year of service?
@OP Remember a few things 1) Severance is not mandatory 2) The company can change their severance policy on a whim as FIS did a few years back that caused turmoil 3) There is an arbitration clause in your employment agreement that you would most likely lose or end up with less of a payout. Overall it is not worth the risk. Take the money and run before they run out of money!
@OP I had a lawyer review mine back in February. He found no issues and mentioned that it was actually a good package compared to what he normally sees.