Couple of questions in case I get the boot..
Thanks,
Go read the employee handbook. It isn't straight up 2 weeks for every year.
0-4 years is 8 weeks.
5+ years it's 2 weeks per year.
You're eligible to participate in medical, dental and vision.
So much incorrect information here. I was displaced in 2021 so here is what actually happens. 2 weeks salary continuation pay for each year of service plus your 60 day notice period. Your insurance benefits continue the entire time through the last day of the month in which your salary continuation ends. I only worked 4 months in 2021 and I received a bonus in 2022; it was exactly 33% of the bonus amount I had received in 2021.
Hope this helps -
Two weeks per year, and yes, insurance, and other regular deductions are included in your 60 day non-working notice period. The 60-day period is just like you're working but you're just not working. After that, you're on your own. There's COBRA for a LOT of money so shop "Obama care" or do without, your choice.
As far as bonus, yes, you're considered for one but in my experience you will not receive one...there's a reason you were displaced, usually because you're the lowest performing on the team so had you stuck around, you would have been rated as needs improvement or inconsistently meets and not received a bonus anyway.
All of the severance details can be found on Teamworks with a quick search. Most of what's already been posted is accurate but you can look at the details of each piece for your years of service.
I was layed off mid 2021 and still got a bonus in 2022 for the work I did in 2021 before being layed. Of course it was about half of my normal bonus…nonetheless I was glad to receive something. You receive full benefits including health coverage until the last day of the month that your salary continuation pay ends. So if you SCL ends May 17, for example, you have health coverage until June 1. SCL is 2 weeks for every year served. Good luck and enjoy the gap in your employment. If you can swing it, take that trip you’ve always wanted to take. Blessings.
So if I'm at 1.5 years and get laid off I get 60 days + 8 weeks (someone said that is minimum)?
Cobra kicks in as soon as the notice pd is over.
16 yrs of service = 60 day notice (or 90 if required by state law) with full pay and benefits.
after notice - 32 weeks of pay but you pay COBRA.
they can whatever they want. in the us empire, it's employment at will. very exceptional
@rrt+1hL231hW
So 32 weeks or roughly 8 months of severance with same exact benefits. (in other words, not going to COBRA!) If so, that is a big help.
@vnd+1hL231hW That would explain the Columbus Day Layoffs every year. Thanks for that bit of info. Hey, who needs TW or HR when the Layoff spells it out much more clearer.
I know one is elgible for bonus but what are the odds people actually get that it laid off? I would feel managers wouldn’t have any incentive to give an ex employee a bonus and instead fund the people they currently have.
That sucks about the 401k. If laid off (non performance reasons), they should really give the match to people.
Also, isn’t there more incentive to lay off people who haven’t been here as long? Less severance to pay and sometimes newer people were brought in at higher salaries.
notice - 60 days. insurance in effect.
after notice period - 2 wks of sev for each year of service - minimum 8 weeks (so if you are less than 4 yrs on board, you still get 8 wks)
no company paid insurance after notice pd. you can pay full insurance premium (wf share plus your share) via cobra for 18 months after end of notice pd
bonus is prorated if you meet eligibility (e.g. have worked a certain number of months in the year, performance rating)
LOL!!! It’s two weeks/yr no matter years of service. I was laid off after 16 years, speaking from experience.
Prorated bonus🤣 - No.
Also, no 401K match if you’re 60 days expire before 12-15-YY
10+ year employees get one month for every year of employment, which is why we are targets.
RTFM It's all there.
Two weeks per year with benefits during severance period. Bonus is situation dependent.