How much is the latest severance?
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My severance was taxed at 33%.
It doesn't mention a maximum.... it does mention a minimum - everyone receives the 11 weeks (even if they have less than 11 years of service)
The 60 day "benefits equivalent" is basically what THEY chip in for benefits (medical, dental, etc) while you are an active employee. You lose all benefits on your last day, and would likely sign up for COBRA - I think that this portion of the severance package is intended to help "soften the blow" of COBRAs astronomical price tag.
You have said:
"In the US it is = 11 Weeks @ Full Pay + 2 days pay for every year of service over 11 years + 60 day benefit equivalent pay"
what is 60 day benefit equivalent pay? How is it different from 60 days of regular pay?
Also, is there a cap on the number of weeks in the calculation of "11 Weeks @ Full Pay + 2 days pay for every year of service over 11 years"
I'm with you.... my package will be pretty nice as well - so it isn't worth it to me to "jump ship" - I am just gonna keep doing what I am doing till they tell me my time is up. FYI - In some states you will even qualify for unemployment, so that severance will last even longer. For some people being laid off is a terrible thing and I totally get that - however, if you have the years of service, and are wise with your money, it might just be a "good thing" financially.
That’s not bad at all!! For me, that would mean ~$45K! Even after taxes and deductions, I should be getting around $30K net. Without making any changes to my current lifestyle (family expenses) , that can easily translate to 6 full months of not having to worry about money. If I reduce my spending considerably, I should be able to afford finding the right job with no rush - and probably bringing my family to a great dream vacation just before starting on my new gig. This doesn’t sound bad at all... at least not in my case.
In the US it is = 11 Weeks @ Full Pay + 2 days pay for every year of service over 11 years + 60 day benefit equivalent pay (and they will be taxing the crap out of it, guaranteed!)
And 2 days for each extra year over 11,
It's good. It's 2 more weeks + commission + bonus + 11 additional weeks at full TIA.