So I keep hearing the rumored “Fiserv is out of severance funding”. Is this true? There’s quite a bit of full time remote positions left to be given the axe we all know is inevitably coming. Curious if those folks will just be SOL/filing for unemployment.
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There is a distinct difference between PTO and severance.
I don’t know the nuances of if you had a job description when hired as a remote and if they change the job, to me that’s just creative layoff. But WDIK? The severance policy for 2023 is the same as 2022 and posted.
Some states require employers pay severance. My state does. Check your state rules on that topic. Also at least in my state severance payment does not have any impact on unemployment benefits. You should verify that with your state unemployment.
Rumor is the severance was part of the merger funds. Since that is exhausted, the severance must be exhausted too. It is only a matter of time until we get a first hand account of if there is severance when Fiserv lays off the next round.
Where did this no severance money left start? Who announced it or started the rumor
If PTO is paid out, it’s only paid out if the company terminated your employment (not paid if you leave) and it’s paid on what has been earned/accrued. If you get 3.5 weeks the first of the year and leave in March at their asking, you are only paid out what was earned between Jan and your end date
You can receive unemployment if fired. Won’t be paid if fired for criminal reasons, i.e. embezzlement.
You will receive unemployment regardless if you get a severance or not. Unemployment is from the state you live in and paid into by employers, but doesn’t last long. In Georgia it’s based on the unemployment rate and can last from 3-6 months. Do know that unemployment does not start to be paid until severance is exhausted, even though it’s paid a lump sum.
I wouldn’t count on the company paying everyone off that is remote. Many of those positions would need to be filled again and it can’t be done if the previous person in that role was laid off. I think the days of them doing that are gone. They will ask people to move and if not, probably tell them they don’t have a job, end of story and no extra pay.
I was wondering the samething. That would suck. There should be some compesenation. I want more than unemployment. Lord at this rate I deserve hazard for the nonsense I put up with
PTO only gets paid out in states where the law requires it.
I can’t speak to that rumor, but I will point out that as a 2023 grades 9 and above have unlimited PTO. That is because there is no PTO for them to pay out if you have unlimited PTO. That was a strategic move on their part.