Remember, once you sign your termination notice Monday and release all claims against Oracle, you are eligible for Unemployment. For some states that benefit is worth $1000/wk or more for 9+ months. Filing and approval generally take 2-3 weeks so get the ball rolling asap.
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@a4 My claim was approved before I received my severance, which had no impact on my payment schedule.
Claim unemployment next year... This will reduce you taxable income for current year.
I 2024 when I left Oracle asked to look around, but I thought It was good idea not to. It was with final date Oct 7th. I negotiated for 5 th COBRA coverage and asked to move sign off to 2025. This got me social security contribution into next year. Reduced tax bracket from 39% to 22%. If you already earned 200K plus in current year its worth pushing getting payment in next year.
My state made me wait 6 months for unemployment because I received a severance check. Also I am only eligible for 6 months of unemployment
It depends from state to state. Many States don't
Severence is not a benefit nor is it an requirement in which you receive. It is an agreement in which you release claims amongst many other things. Many States do not consider it to be income that affects unemployment. Just because it's offered doesn't guarantee a payout.
Short answer file exactly on your first non employed day with the company.
@ae You can submit a request for all this information if you don't download it prior to a RIF. It's still a good list to work on sooner than later.
Also submit all expenses and internet reimbursement!
All these comments claiming this and that WRT unemployment qualifications.....IT IS STATE PROGRAM BASED. I'm still collecting and I applied before I signed the term pkg.
My state requirement was the date of termination which was April for the March layoff. This also greatly depends on your status (remote or not), state laws and how many employees impacted in your state.
Just go file, you will learn what requirements your state has when you fill out the claim.
Good luck and godspeed.
@a4 True, but you can apply the moment you sign that waiver agreement. You won't get paid though until after you receive your severance.
@ac everyone should be gathering up personal data - w2, paystubs, performance reviews, historical promotion history, salary bumps etc. Once they tap you on the shoulder Monday all your access is locked.
@a4
my coworker went through this in March. he needed his last two pay stubs (may be state by state). all he had was an email address once his termination was complete. they were not quick to respond so benefits were delayed.
You are only eligible once you have been paid your severance. Employers usually pay severance on the same payroll cadence. The after your final severance check you will be allowed to receive payments from unemployment (in the US). The severance and unemployment payments do not stack.