Just to make sure nothing has changed and there have been no reductions.
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@OP Gunjan said there is no more severance. You need to find a friend.
@c3 what grade?
@e8 To clarify your clarification, job grades 4-13 are 4 weeks minimum. Grade 00 and grades 14-16 are 12 weeks minimum. Grades 17+ are 26 weeks minimum.
Maximum for everyone is 52 weeks.
If you've been her less than 15 years, it's 1 week per year of service. If you're reached 15 years of service, it's 2 weeks per year of service. All subject to the minimums and maximums.
To clarify/correct earlier comments:
If you are job grade 00, or 14-16 minimum severance starts at 12 weeks.
If you are job grade 17+ minimum severance starts at 26 weeks.
Maximum severance is 52 weeks for everyone.
@dh its 15 and higher
@ad I think it is 18 or higher.
I was laid off 10/2024. I was there less than 2 years and I received 12 weeks severance. Looks like that changed.
Unless it changed in the last month, it's the same as it has been for years.
- 1 week of pay for every year you are there.
- 2 weeks of pay for every year you are there, IF you have at least 15 years.
- You must be there at least 1 year to get anything.
- Minimum payout is 4 weeks of pay (even if youhave 1, 2, or 3 years)
- Max payout no matter what, 52 weeks of pay (1 year)
- Bonus is prorated based on time of year, a proration of your grade's target bonus.
11 months, 3 weeks, 6 days = nada darn thing
1 yr = 4 weeks of pay
2 yrs = 4 weeks of pay
3 yrs = 4 weeks of pay
4 yrs = 4 weeks of pay
14 yrs = 14 weeks of pay
15 yrs = 30 weeks of pay
26 yrs = 52 weeks of pay
27 yrs = 52 weeks of pay
30 yrs = 52 weeks of pay
Length of service is based on what workday says you have, not your own math.
Of course if your job is being MOVED to a contractor role with some contractor company, they will not give you any severance but instead offer you to transition to that company and leave the bank. You are offered a job move.
I think a certain grade level automatically gets 26 weeks, like above 16.
Just go into Your Total Rewards and search severance. Looked at it yesterday and it was updated Jan 1st 2025. No changes from last year that I could see. I’m about to hit 14 years of service but unfortunately need another year before the severance benefit doubles to 2 weeks per year of service.