I’d like to make sure I understand Wells Fargo policy given it may affect me. From what I understand unless you are fired for gross misconduct/s—ing at your job you get a minimum of 4 months pay + PTO + 401k contribution in 2020. Two months as an employee (60 day notice) where you may or may not have to continue working + severance (minimum 8 weeks). Is this a correct understanding?
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Search for "Displaced" on Teamworks you will find detailed information on how many weeks you get. For example, 14 years of service gets you 7 months or so, based on anniversary. I also noted there is a newer program for displaced team members (their words not mine) for resume help, job search and it sounded to me like they have no expiration date. Check with HR as well for additional benefits.
Hey, I'm akz, I work with people that have been layed off, I'm getting my info from them.
Two of them were lucky enough to get rehired.
One month on, one month off, two weeks severance for every year worked, and your accrued PTO.
I think it used to be one month for every year worked, but that changed.
I do not guarantee this or that it will be the same for everyone, and some states may have different rules, I'm just relaying what people I know have told me.
FYI, both of them were long term employees, in one case the person's entire team was eliminated.
Both of them are top performers.
Also while on salary continuation, as it is called, you are still technically an employee. You keep all benefits except ability to contribute to the 401K and have disability insurance coverage. You continue to receive bi-weekly paychecks but when you gain new employment you can have the balance owed to you paid out in a lump sum and then you are free of WF. All this is found in the benefit book on teamworks
This is all in the employee benefits book which is on teamworks.
OP you are mixing up two different things.
if you are fired for "cause" (i.e. gross misconduct) you do not get severance. You get paid out for any accrued but unused PTO but that's it.
That is different than a job elimination/displacement. For that, you get 60 or 90 (depending on the state - NY is 90 all others 60) days of "notice" (meaning you are still legally an employee of the company) and then 2 weeks of salary continuation/severance pay for every year of employment, with an 8 week minimum (I.e. someone with less than 4 years of service still gets 8 weeks, if you have more than 4 yrs you get an additional 2 weeks for every year). You will also get paid out for any accrued but unused PTO.
For the "notice period" although you are still an employee of WF, the company can make that period "working" (you still have full access to everything and are still working actively), "non working" (your access is terminated but you are expected to be available for consultation) or a combination. Previously, the mix of working/non working was generally half/half with some discretion for the manager to make the "working" period longer or shorter, but recently the standard was changed to "all non working" and they took away the discretion of the manager to change that and made exceptions much harder to be granted. This is due to the security concerns that are cited in this thread.
Is there documentation on teamwork’s on severance? If so I’d like to know where to find it. Thanks
2 weeks a year, 1 month before your position ends and 1 month of job search. You may not have to work the last month, or they may call you back for the last month of job search if needed. Regardless, 2 months + 2 weeks per year that you worked here.
I strongly recommend you refer to the documentation available via teamworks for this, not rely on people on an anonymous chat board. It's really not that hard to understand. It's definitely less complicated than @akz makes it sound. Packages used to vary based on years of service AND salary level – but the latter was done away with maybe 4 years ago? Now it's 100% based on years of service. If you know how long you've worked here, you should be able to figure it out.
I've been laid off from WF and it's also crystal clear in the separation documents you'll receive, if you are displaced. COBRA can be a little confusing but suffice to say, if you are laid off you should have 18 months of WF healthcare available to you. It's gonna cost you though. Check out your benefits statement, and add together the $ in "what you pay" with the $ in "What employer pays". That's what you'll now be responsible for, if you keep WF healthcare.
@akz has no idea what he/she is talking about.
The number of people who don't know their own company benefits or for that matter aren't even aware there are layoffs happening is astonishing.
If you're on my team all I get is more work for the same pay.
I think you get one month on the job, then one month paid but you don't have to show up, then two weeks severance for each year you've been with the company.
So two months with benefits, then you need to buy COBRA or get your own insurance. This is important to understand during a pandemic so check the employee handbook and verify my statements.
You should also get unused PTO.
There is no 4 month severance that I'm aware of, other's on this board may know more.
If you are in a sensitive job, like an IT guy with the passwords to everything, you may not have the one month on one month off deal, but something else.
What you do will make a difference in what you get.
Stay safe and good luck.