Any truth to widespread rumor that severance package will be cut starting Jan 1?
15 replies (most recent on top)
More interesting is the CONFIRMED change to the 401k match from quarterly to annually and you must be employed on 12/15.....unless dead, retiring at 65 or terminated at 65+....
I have found I usually dislike a post that starts out with “You do realize...” They are normally quite patronizing in their tone.
Severance is not entirely “a gift”, reflecting a benevolent Wells Fargo. Partially true-yes, but there are equal benefits to Wells Fargo as well. Primary benefit to Wells is that you are signing away your right to sue them for wrongful termination. And it helps them to avoid negative press.
I have earned my severance package and much more. Not a gift, sorry. Having said that, I am thankful for it at the same time.
Wells Fargo’s severance packages are not overly generous: there are better and there are also worse out there. And I do not put anything, that disadvantages employees in the future, out of the realm of reality when it comes to Charlie.
if true, that would really s— for those of us who were not fortunate enough to be in the 1st few rounds, but who get laid off in 2021. But nothing surprises me anymore.
If this is true then it would make sense they hold Hold off on a lot of layoffs until after the first of the year… Will be very disappointed to see them do that to the employees
You do realize severance pay is considered a "gift"? No company has to provide anything when downsizing its labor force. What was once before may not be what was in the future. A lot of people at IBM found that out the hard way a few years ago. They were given 30-days severance pay which equated to the last 30-days of "work" with no work responsibilities. The only way to guarantee a severance is to have a contract. To do that, you need to be an executive.
this is a new cut - starting jan 1 - down from 2 weeks per year served to 1 week...and no, severance is not grandfathered...
Regarding Post ID: @gre+17Ds9HqC
This post is incorrect. Again, I am AMAZED at how fervently people post incorrect information. Why?
Wells Fargo reduced their maximum severance package by 4 months back in 2017. Longer term employees were not grandfathered in. You can Google it.
To the poster who says don't worry you'll be grandfathered... you will not. It's not like the PTO policy. Vacation has some regulations attached to it. Severance does not. Case in point: the severance used to be a lot more generous, although also a lot less straightforward. If I had been laid off now under those terms, I'd get a year. Now I'll get 8 months, with the workout period. Plenty of my colleagues who have been at the bank 15 -20 years have been laid off since the change. They were not grandfathered.
That said, agree there's not much you can do about it, either way except... don't make life decisions assuming you'll get a generous package from WF if laid off next year. Safer to include you will not.
I agree we shouldn’t worry about what if’s . Just s—s a married couple with the bank. Wife was hit 2 years ago and it took a huge toll emotionally on her . Was hired back on but that safety net helped and we budgeted off that time to have enough to live for another 7 months after severe ended .
Just nice to be prepared ...
Even if there is a “cut” until it’s documented who cares? 99% of the time employees are grandfathered into monetary benefits meaning that if you’re already maxed at 52 weeks of severance you can collect it’s not going to drop to 26 just because WF needs to save cash. It will apply to new hires from X date on. If you sit around fretting about rumors you must be a nervous Nancy.
Any insight on how big of a change ? You take that saftey net away I just wasted 19 years here :(
100% truth, you can trust me as I’m an anonymous internet user. I’ll tell you i’m three below Charlie if that helps lend credibility.
by wide spread you mean the one post on this site from last week mentioning it?
Not sure of the date, but yes.
Doubt it....