Where do we believe or know where majority of the layoffs are going to be? Do you think it’s all transformation or more than that?
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Y'all grasping at straws.
The Older Workers Benefit Protection Act (OWBPA) is a 1990 US federal law amending the ADEA to protect employees 40+ from age discrimination in employee benefits, ensuring they receive benefits at least as good as younger workers unless justified by cost, and setting strict rules for severance agreements, requiring clear language, specific ADEA references, legal review advice, and time for consideration (21 days for individuals, 45 for groups) to waive age-related claims.
Purpose
Prohibits Age-Based Benefit Cuts: Makes it illegal for employers to reduce employee benefits (like health, pension) for older workers simply because of age, unless there's a significant cost justification.
Clarifies "Employment Terms": Extends ADEA protections to cover all employee benefits, not just compensation.
Regulates Severance Agreements: Ensures that when older workers sign away their right to sue for age discrimination (waive ADEA claims), they do so knowingly and voluntarily.
Key Requirements for Valid Severance Waivers
Written & Clear: Must be easily understood, avoiding legal jargon.
Specific Reference to ADEA: Must explicitly mention the ADEA and the rights being waived.
Advise Legal Review: Must tell the employee in writing to consult with an attorney.
Voluntary & Knowing: Employee must sign without coercion, threats, or undue influence.
Time to Consider: 21 days for individual severance, 45 days for group programs.
Revocation Period: 7 days after signing to revoke the agreement.
Group Termination Disclosures
For layoffs or reductions in force, employers must provide additional information about the program, including the ages and job titles of those eligible and not eligible, to ensure fairness.
Older Workers Benefit Protection Act OWBPA
@dx EXACTLY.
People need to research what it is instead of making blanket statement. The ACT requires 7 day revocation, 45 days to review agreement and a list of roles eliminated along with ages.
Owbpa is not applicable unless there is an age discrimination claim filed and warranted. It's noise to this topic and you'll never see it.
@dn will it be same for 4 rating,?
What is OWBPA exactly and do all employees get paid out on that ? How is it calculated?
For Laidoff employees in the USA:
Layoff Package/Severance in US$ =
[8 to 12 weeks of salary depending on which USA State you work in] + [Number of Years Worked x 2weeks Salary] + [Unused PTO Vacation Days Accrued + carried forward from prior year up to March 31] + OWBPA Money if you're over 40 Years Old .
Example: if you make $1000 per week salary, worked 10 years at SH!TTY Bank, Work in New Jersey State, are over 40 years of age, accrued or carried forward 10 PTO Days:
12 weeks max Non-working period x $1000 + 10 Years x $2000 + 10 PTO Vacation Days (equal to 2 weeks) x $1000 + $4000 OWBPA = $38000.
Not sure about Europe. But I heard that the total max you'll get is 52 weeks of salary which is equivalent to 26 years of work/service.
There will be cuts in Wealth and Cards. Both Pam and Andy will spend February to review their organizations and will cut 2-5% of the staff. Effort is not enough.
What do we know?
We know that we are at this juncture due to a failure of leadership. They failed to forecast, they failed to plan correctly. We know that due to this failure, both the surviving employee and those let go will suffer. We know that Jane will not care. We know that Jane will be paid handsomely for this failure. We know that this will continue to be the ebb and flow all this year and maybe then some.
@a5 consent order has NOT been lifted. Only one of the articles, requiring quarterly sharing of resources and org chart, has been dropped.
More transformation for sure.
Consent order was lifted in December. No incentive to continue "transforming"
Would assume accelerated drop-off
Then lots of cuts coming for AML, KYC, and risk due to AI machine learning and analysis probably
Lastly USPB probably because of recent org change in combining cards and retail and whatever else. Lots of duplicate positions once departments merge tbh
Overall everything is f'd