For those who have been impacted, how long does it take to receive your severance pay?
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Yes - capped at 26 weeks.
Payment received about 2-3 weeks after your last official day (typically 45 days after notification).
As mentioned already, vacation payout comes in separate check.
One item to note - Severance is based on total cash compensation - which includes AIP. My last day was June 30th and so for the severance payment (I got 6 months severance), I received half of my total cash compensation (meaning I received 50% of target AIP). I should now get the other 6 months of AIP (for the Jan-June work) at the normal time (in March), but this would be based on the actual company payout. Hopefully that makes sense.
The 12 years stipulation used to be 10 right?
For many outside of US, normally per next payroll cycle.
To the poster sharing the severance benefits: 1 week for every year at 3M, up to 12 years, then 1.5 weeks for every year after 12.
Even this is a reduction from previous rounds. Unbelievable! I guess they're that desperate to fund the full pension $26 million for the CEO. Anyone being offered severance in the coming months, consider negotiating for more. It can't hurt to ask. Clearly a reserve of funds exists!
There were quiet cuts again in November and December.
Are there cuts happening again?
HR says 30 days from thier reciept of the signed claims waiver. So with that said I would expect receiving b 1/31. Will see.
If in the US you will receive two deposits after your separation date: the first will be for any vacation balance you haven't used, and the second will be the lump sum payment. Don't panic when you get the vacation deposit and think they must've made a BIG mistake.
Info provided is accurate for US, but differs for other countries. Some are one month/year of service.
Severance is capped at 26 weeks pay (half your annual salary)....or so I've heard....can anyone confirm?
Contact HR and make sure they have ask the paperwork they need. Do this in advance. They can tell you when it is scheduled to be paid. I ran into issues and was paid 2 weeks later than I was supposed to be. HR was actually helpful. I was surprised.
For me, I was let go in August 2022. Kept getting paid as employee for 45 days, then severance started. Paid in a lump sum (after you sign all of the paperwork saying that you won’t sue them). 1 week for every year at 3M, up to 12 years, then 1.5 weeks for every year after 12.
For me, end of June was my last official day. I believe it was 2-3 weeks after that.