Effective immediately 0 day work and 30 days off job before severance kicks in. This means you get 30 days less pay before salary continuation begins previously it was 30 days working and 30 days off. This is no more. There are exceptions but should be very rarely approved.
Another way to reduce risk to WF as upcoming increase in layoffs begin. They also pay out less money too.
So if you live and work in NYC they are supposed to give you 90 Days notice? I have heard NY has a mini Warn law which says that Employer must give an employee 90 Days notice but wasn’t sure how legit that law was.
Sorry @zqn, someone said there are a million lawyers that would take the case.
Maybe, maybe not, I am not a lawyer. That was my point.
Wells has proven over and over that we have no problem breaking laws.
I just meant to caution people to ask an actual lawyer and not assume that Wells' lawyers haven't already figured out the angles.
Pointing out that it’s unlikely the bank is actually going to break the law is not legal advice.
Getting legal counsel if the bank does break the law would be simple and also unlikely to require upfront costs. Thinking that lawyers would be trolling an anonymous blog is stupid.
If you have reason to believe or have first knowledge that the bank plans to break the law, may I suggest that you report it to the DoL and the banking regulators?
Hey @chn, are any of the million lawyers here right now?
Don't get legal advice from a layoff blog. Same for COVID health related stuff.
IANAL and you can too!
Effective immediately:
@OP+16Yao2vl - " YOUR FIRED"
60 day notice required by WARN act, and 90 days in NY state. There used to be “30 days working, 30 days non working” and what that meant is that you still had all systems access during the “working” period. During the “non working” you lose all systems access but are still an employee of the company and expected to be available as needed.
What is changing now is that the entire notice period is non working, meaning that you lose access the day you are notified. This is probably being done to limit “leakage” of proprietary materials.
If you actually work here you can go out to page 103 and see it is 60 days in the employee book. No need for rumors here, it is in black and white for all of us that actually work here to read!
Pfffft... there are a million lawyers who would take a contingency case suing Wells Fargo for easily understandable labor laws. I doubt the Fed would be interested in lifting the asset cap on a bank that openly violates labor law. There is every incentive to stay on the right side of the law.
"Why would Wells Fargo risk breaking the law?"
lol. You're kidding, right? If they do the math and the potential fines are less than severance, they'll do it. Anybody affected won't be in much of a position to sue anyway.
I don't buy it. They can certainly give you 60 day notice and have it all non-working. Giving you less than 60 day is by exception and may violate certain laws like WARN etc. (unless there's a loophole they're going to squeeze through like an "economic crisis", but they still have to show why they can't plan 90 days in advance).
If the op is correct and has intel that this is from gushue level, then it would be applicable to technology, not the entire company. Perhaps they (technology) got an hr exception to provide less notice.. I could see this being the case for those who had previously been notified and where put on hold due to Covid.
Op- what’s your source on this? The benefits book and handbook both have 60 days still. It does say “a business unit may provide short term subject to approval of senior HR leader” so I suppose they certainly “could” in some instances.
Not sure how they get around the WARN notice period which is 60 days. I don’t see them risking that.
It’s in the BenEdits book and reconfirmed. Get a grip people. For those who struggle, read slowly please:
Effective immediately 0 day work and 30 days off job before severance kicks in. This means you get 30 days less pay before salary continuation begins previously it was 30 days working and 30 days off. This is no more. There are exceptions but should be very rarely approved.
Actually it's in the benefits book which I consulted about 15 minutes ago due to reworking my EOY PTO and can confirm it has not changed from the 60 day period.
OP is simply false.
This is incorrect. The new default standard is 0 days working/60 days nonworking notice. 3 days or 15 days working can be approved by exception, but they will be rare.
: @bqd+16Yao2vl What does page 103 say? I haven’t received the employee handbook yet.
Read page 103 in the employee handbook
#b—s—Alarm
I don’t know about all of the legalities with this. This came from a source at the Gushue level and is breaking news this week. I guess we will must wait for layoffs to see if it’s really true or not and holds water. Just passing information on here... not trolling. Take it for what it’s worth doesn’t matter to me.
This is nothing more than a troll and absolutely not true.
Employers can get around the 60 WARN requirement only by offering unconditional severance. So the employee does not have to sign a release or gag order. Meaning they can take the severance and call up CNBC and tell them all kinds of stuff.
OWPBA mandates a 45 review period for layoffs of more than 2 people over age 40 when they have to release their rights to an ADEA claim.
So either the bank is suddenly not requiring releases, or this person is full of garbage.
It’s federal/States Law to give Employees at least 60 Days notice. Why would Wells Fargo risk breaking the law?
This is how they do this at Bank of America for the layoffs.
Says who?
OK, explain how this goes with OWBPA
If you cannot explain how your statement complies with this, no one should believe this post
And this is taking care of the employees as senior leaders always say...Saul.