What would be an acceptable severance package during layoffs, for you personally? What kind of added benefits (like prolonged medical coverage) would make a difference? What would make you think that the company treated you fairly? I know most people think what Schwab is offering currently is not enough, but what would be?
6 replies (most recent on top)
2x Walt's annual total comp package.
You can’t get 2 years base salay, maximum is 264 days.
It’s good as it is for a firm this size. Laws in the USA should change if people want more protections. Unfortunately, people vote towards more Corp tax breaks in the USA and this corporate behavior results. People are expense, cost money, and are expendable.
I don't work for Schwab, but in the same general industry and was recently let go from my company. I was offered two years of COBRA and 650k.
In 2001, Denver Post reported the severance for that layoff “Laid-off employees will get three to nine months of severance pay and benefits, help with job searches and stock-option grants of 500 to 1,000 shares. The options vest immediately and are good for the next 15 months. Plus, the company's founder, Charles Schwab and his wife, Helen, donated $10 million to provide $10,000 tuition assistance to laid-off employees who want to go back to school for two years. People who lose their jobs and then get rehired within 18 months will receive a $7,500 signing bonus from the company.”
For me, two years base salary lump sum, which is about $440K. And 6 months of COBRA premium. Plus 60 days of pay, before termination.