Could anyone share what their package is? I assume it’s the standard one paycheck per year of service? So ten years = five months of pay? Just curious.
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For those who signed a non-compete agreement, are the agreements rescinded as part of the severance agreement?
Personally I would get more satisfaction having everyone walk out on the same day opposed to a measly 1 week per year severance that will be taxed at 50%
2 weeks per year
minimum 10 weeks
max 26 weeks
they pay 1 extra month benefits, then cobra
if over 5 yrs you get more money/continuation pay, depending on years there.
I got two weeks for every year of service, plus two weeks for the end of the month.
package size is decent in these sketch vids im watching in the office
I have heard (but cannot confirm) what another poster said. Used to be 2 weeks for every year of service. Until Frank changed it to 1 week for every year.That frees up more money for their woke and racist BLM initiatives, etc.
@pvv+1d5hnxot You should check the current severance policy in your employee handbook - if there is one. There was when I was laid off from First Data. Before Frank the policy was two weeks for every year up to 26 weeks. Frank changed it to one week for every year. I had been with the company for just shy of 12 years. I got 11 weeks. I would have been better off being laid off along with many others from my group the year before. Frank sucks. btw - check out his compensation history for 2015, 2016, 2017.... one of those years he was the second highest paid US CEO at 115 million. Talk about corporate greed!
I don’t know for the current one, but when I have to RIF someone a year or two ago it was 2 weeks for every year of service up to 26 weeks.