If you get a severance package why do you need to sign it? Some people commented that you can negotiate the package and I don’t understand this either.
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In addition to 60 days with pay & benefits, you may also receive two weeks of pay per year of service, paid PTOs balance, and outplacement services. I think you could always negotiate with help from a lawyer - three weeks of pay/year serviced would be nice.
What happened to me was they told me I was being laid off and gave me the last date I would be working. And then maddening silence for a few months. Then I received a severance letter in the mail from Medtronic with details of my package.
At that point you can decide to lawyer-up or accept it as is. I heard rumors that a co-worker or two went the lawyer route. What happens then is any one's guess, but I'm sure it would delay things as far as you seeing any $$ anytime soon. However, Medtronic does not like to be in the news in any negative way, so maybe they'll play ball, maybe they wont.
I had been there a long time and for me personally, I thought it was a decent package overall.
Here's what the beginning of the severance letter looked like for me:
"Dear XXXXX:
I very much appreciate your service and commitment to Medtronic. It is with regret that I inform you that your position has been impacted by a reduction in force, effective, . Your last day of employment will be 60 calendar days from , which will be (“Termination Date”). The time period between and , will be a notice period (“Notice Period”) and during this Notice Period there will be no change to your benefits or pay. During the Notice Period, you will not be required to report to work; rather you can use this time to focus on your career transition. Your Employment Agreement and Confidentiality Agreements, if applicable, will continue to govern the terms of your employment during the Notice Period, including your obligation to maintain the confidentiality of Medtronic information."
Then all the details and other caveats will follow. It will probably be signed by your manager, who actually doesn't have anything to do with the letter or the sending of the letter.
You'll get a stack of papers to review and one of them is a document you sign and return. Or not, and sorry, I don't know what would happen in that case.
If you are laid-off it is not the end of the world. It's humiliating and humbling and frustrating but hang in there and stay positive.