I'm now at the point where I'm hoping to be cut now, to avoid an even smaller package down the road. I used to hope not to be laid off, but the way we're going, it's only a matter of time for those of us of a certain age, so now I've pivoted to just hoping to get the best deal out of it. Sad but that's our new reality.
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Is severance paid out in one lump sum?
@d2 Retirement is wonderful. Highly recommend. Woke up sweating a few times after having bad dreams about ongoing work projects - but then I remembered they’re not my problem anymore!!
I can't speak for grade 17 and up but 16 and lower it's been the same for at least 3 years.
Min 4 weeks up to grade 13
Min 12 weeks up to grade 16
1 week per year up to 14 years
2 weeks per year 15 years and after
Max is 52 weeks
Bonus is prorated mostly. It's weird if you are laid off in January or early February.
@ce Thank you, I really appreciate your willingness to share all of that. I hope things are better for you now that you don't have to deal with this place anymore.
@cc I got one week for each year. If I had had 15 years in, it would have been 2 weeks per year. I also had the opportunity to receive COBRA benefits for several months by only paying what had been withheld from my paycheck, so the Bank would have paid the employer portion of the premium. Normally you’d pay both sides of the premium so that was a deal. However I didn’t need to take advantage of that since I went on Medicare. I also was on regular pay for about 6 weeks after I was laid off, and received the severance shortly after that.
@c9 Not asking the dollar amount, but what did you receive for pay - two weeks of pay for each year, one week of pay for each year?
I am aware of what the severance policy says, but I'm interested in what is actually offered since this place isn't known for honoring anything and I'm trying to prepare for when it's my turn.
I turned 65 this year. I was remote since 2021. I told an old boss I was hanging on, hoping to be laid off with severance. They advised me to tell my leadership I wanted to be laid off. They said “trust me, you will be doing them a favor”. So I did, and I was laid off earlier this year. I had under 15 years in so my severance wasn’t as good as it might have been, but I didn’t care.
Now I’m happily collecting Social Security and am on Medicare. Worked out great.
When I told my leadership I wanted to be laid off, they looked relieved. It was one less person they had to lay off who didn’t want to be.
I was in the ESA BL.
@ax I can, it used to be a he-l of a deal for grades 17+, a full year regardless of tenure. That’s way out of whack with the Fortune 500 so they cut it (which su-ks but also fairly responsible from a corporate standpoint).
"Severance has been shrinking over the years".
Can you elaborate?