Hi, recently laid off WF employee any chance any one can answer a question on how severance works? I was expecting a paycheck on my normal schedule as my last official day was May 31st. I hear it starts one cycle after. Do you know if I get double pay on the first severance check or am I only going to get one check for June? It would have been really good if they were clearer about this because now it kind of messes with my budget.
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@g5 unless you are in a situation where you do not need the WF-sponsored health coverage or can get coverage at a new job starting day one.
It's rarely a good idea to get a lump sum. Keep the reg checks and the health insurance rolling.
Did you read the Displacement packet that was sent to you? Did you electronically sign it (DocuSign) to acknowledge it? There is a time limit for signing and returning it.
You have to submit a request for the Lump Sum and the earliest that you can submit that is on the first day of your Severance Period (which is the day after the last day of your 60-day Non-Working Period). It may take up to 60 days to process it, so in the interim you will continue to receive your bi-weekly paycheck and then your Severance Check will have been reduced accordingly.
get lump sum
you'll always be one week in arrears. on the last day of your notice period you'll get paid out a weeks pay for that week along with any unused PTO. this is an off cycle check. you'll then get your first severance check 3 weeks later which will will cover 2 weeks and align with the normal pay cycle. your last severance check will contain that 3rd week.