Unless you have been here 20-25+ years severance is not the grand jackpot that everyone thinks it is. It is taxed up to 40% depending on state taxes on top of federal taxes. Also the cost of COBRA and ACA medical eats big time into that severance. Also depending on situation there may be higher out of pocket costs for prescriptions and other medical specialties. And depending on state severance may disqualify you for unemployment as some states consider severance as earned income for the number of weeks the severance is paid for. Remember all that when deciding whether or not to torture yourself putting up with this horrible toxic company just for the potential of a severance payment. Know your specific situation and your state accordingly. Best to all of you in whatever you decide.
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I think it's also important to time your exiting the company. If you wait for a severance, then you'll be looking for a new job with everyone else who got RIF'd at the same time. If you're not going to go to another job because you're close enough for early retirement, then I say to hang on until you get the severance.
Good luck everyone, and. while we're here, let's be great coworkers to each other!
The non management people still at Allstate don’t have viable similar paying job opportunities. It isn’t so much about staying for a severance package that won’t last long anyway.
Agreed. The severance went pretty quick for me in the 2020 layoffs. I was only here 8 years and after taxes it only covered aa few months worth of bills for my family of 4. Ended up going back to Allstate temporary until my next job came to fruition some months later.