I got my VSP offer this morning and am considering it. I'm trying to figure out what I would get if I don't accept it, and get laid off instead. Does anyone know what the typical severance is during these rounds of layoffs? I'd like to compare it to my VSP offer.
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BUT does anyone know if you wait until August and get laid off is it immediate? Like do they give you notice or are you out the same or next day? I have heard that it can take up to 4 weeks to get that severance payout? Is the severance from the VSP immediate or will that be delayed too? especially if you can't collect UE
@ex there is no severance package in the handbook. It’s up to the company. I feel that if it goes that far they would at least give us the basic package and maybe a month or 6 weeks of cobra but who knows.
If you look at the letter, you will see two sections - the first section is the Centene severance model they have used when laying people off. The enhanced section are the additional severance benefits you will receive if you take the VSP offer. Otherwise, IF you decline to take VSP and were to get laid off, your severance will be the first section of the VSP severance section. I believe there was something in the Tanya email that said the letters would outline the severance and the enhanced benefits. I did confirm with my Leader and I was told the same.
@a5 is there written documentation somewhere that outlines the severance policy? Have been looking all morning unable to find it
I've been with Centene for 10 years and my offer seems to be approximately equivalent to 7.5 months salary. I'm still not sure whether to take it or not, but I dd apply to participate just in case there's more volunteers than expected and it becomes "first come, first serve". We have till July 2 to make the final decision.
The estimated last day of work is Sept 1, and Sept is a good time to find a new job, rather than possibly being laid off in, say, November.
Does anyone know if the buyout is structured to allow for unemployment benefits (as if it were a regular layoff)?
There is legal precedent that layoff amounts must meet or exceed voluntary exit offers in many states.
@OP looks like the basic severance is 2 weeks for every year worked. This VSP offer is enhance by adding the Enhanced Severance of 4 additional weeks plus Severance in lieu of Annual Bonus. So they sweetened it up a bit. Depending on your salary you’re getting a few thousand more if you take this offer.
@a4 How long have you been with Centene? What is your position?
@a5 this is what I have heard. I have seen manager level get more, possibly because they get stock options and bonuses? I swear I have read we have a policy around severance but never a policy number referenced.
So much culture!
@OP what’s the offer
Severance used to be 2 weeks pay for every year of work but I’m not sure if it’s still the same.
My exact question also. My VSP package is a nice amount, over 30K but if I wait it out how much will that be? I wonder why this isn’t apart of the FAQ page of the documents.
Is VSP based on job title? Who's getting what offer?
Same! I'm thinking it would be significantly lower.
@OP what was your VSP severance