jw: severance no longer works
I have it bookmarked - once you are on a 60 day notice period - DO NOT TELL ANYONE YOU GOT ANOTHER JOB, else they will not pay out severance
12 replies (most recent on top)
If we got a job before lay off started and you you got laid off. And then you give early resignation. Would that be considered lay off or resignation ? Do we need to inform new company of lay off
I forgot to add
4 - if you don't resign within the 60 day period but try to wait it out, they can recall you at any time for any cause and you will resume your employment, no severance. Let's say you are in STS and something blows up and only you know how to fix it. Imagine it happening while you are on extended vaca with your fam.
The way I understand is is as follows, please correct me if I got something wrong
1 - if you find another job within the 60 day WARN notice period and you fail to inform HR about it, you are in violation of some of the 1000 terms of your employment and they can basically fire you for a cause. In that case say bye bye to the severance and unemployment benefits.
2 - if you find a job or quit and you inform HR then you are in compliance and they will pay you the rest of the 60 days and your severance package but there will be no unemployment benefits because you resigned.
3 - if you keep trolling this board...
Oh but if Schwab can swindle you don't you think they will. They would love not to pay severance - they spent months scaring people with "RTO" and "Layoff"
This is such fake BS. You will still get your severance if you get another job, and you will also get the remainder of your 60 days of pay for the notice period. The OP is an ignorant loser that has nothing better to do than to scare people that are already in fear of losing their jobs. OP probably doesn't even work for Schwab.
Don't trust @pes+1oFRUC1a, they probably work in HR. Keep it to yourself, there is NO benefit in letting HR know. Remember, Schwab is no longer an honorable company and they rarely honor anything when it comes to employees.
I seriously wish people would stop posting nonsense that is easily proven wrong.
From the severance pay plan (KB0010667) on MyHR: "When you voluntarily resign during the Notice Period, Schwab pays you the remainder of the 60-day Notice Period base salary in a lump-sum, and you're eligible for the additional severance benefits according to the conditions described below and in the Summary Plan Description."
This is false. Schwab will honor the payout, you just inform HR so that they can stop the benefits payout. Please don't spread fake news.
OP, could you point to the page number or wording where it says they will not pay out the severance if you find another job please? The opposite has been covered on this forum multiple times.
Does the start date at the new job have to be after the WARN period?
OP is 100% correct.
If you get a new job - keep this information to yourself. As far as the world is concerned, you haven't found anything yet.
So, no LinkedIn updates, no talking about it with anyone. Just quiet satisfaction of a job done well.
The article it linked to on MyHR is still there.