If you get a job right away, like under the 2 months that you're still technically an employee, will that risk your severance not being paid out? Or your bonuses?
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If you find a job before 1/5/2024, do you still get the money of what you would be paid under the notice period? I know you keep severance and lose the bonus but not quite sure about the pay during the notice period. Thanks!
Question, does the lump sum amount mentioned in termination agreement account for un used vacation days?
It doesn't. You are still accruing vacation days until end of the notice period. It wasn't a line-item on the severance breakdown. I would've noticed because I had more vacation days than qualified severance business days.
@2lot+1pqZGiI5 there are 2 floating holidays
Question, does the lump sum amount mentioned in termination agreement account for un used vacation days?
For those with termination date of 1/05/24, will we get paid for 3 floating holidays that are granted on 1/01/24?
Even though we are "eligable" for bonus since we are employed until Jan 5th. I am NOT holding my breath for it. I am willing to bet we will not see a CENT of bonus because it is "up to the descression of managmenet if they want to pay to a severnce" Which su-ks because I have been with Schwab for nearly 17 years and have PUSHED and MADE so much change and policies and the way Schwab is today, is direct from my recomendations and pushing. I've worked from the very bottom in TECH as a contractor in 2016/2017(back when Schwab ran very lean and it was a mirricle to get hired on there because MOST work was contractors and only about 50% were FTE) changing the giant 22" CRT monitors on everyones desk to dual 19" LCD monitors. Upgrading the GPU in each system, upgrading ram from 256mb to 2-4GB, and much more... Moved to NSD with a 4 hour shift onsite support, then when NSD broke off, I stayed in field services and worked up to sr staff over the years, moved to Desktop Engineering where I designed and implemented the VDI platform, and then moved to cyber security working on major projects and fully archetecting solutions from the ground up and presenting to CISO and sr leadership for implementing and worked up to sr manager.... and working toward principle. I also designed and ran the technology behind IMPACT for 7 years straight, and that was no easy task, MONTHS ahead of working 20 hour days, evey Saturday/Sunday, doing normal job and design, and build out IMPACT and attend the non-stop planning and design meetings for the event. The fun came during the confrence when everything works and you see your success and enjoy it with the team. It just su-ks so bad to put my heart and soal into this company and be treated like this when they want to cut down expenses after the enourmous work of TG1-4. Something changed after TD aquasition... The culture changed, and got toxic.
I was trying to see it through and say its just stress from all the integration work, but no.... We now see it for what it is... A new company that got so big that they stopped caring about employees years ago. When they stopped employee apreciation days/weeks, stopped team outings each quarter, stopped team building, stopped caring abou the satisfaction survay where we were told we must take it, but then nothing ever came of it, crickets... and the stopped a lot of the career building programs, like asspiring manager, chaimans club, (in office happy hours, that changed bvack in 07ish tho for obvious reasons), and just tons more benifits....
I was scheduled for my 3rd sabbatical and now thats all lost. But after the past decade plus putting in 9-16 hour days and working most weekends on top of it, Ironically, this is the most stress free i've been in years.
read about severance in myhr before you get canned
to add to that, if you get hired by Schwab after the Termination Date, you get your severance + bonus etc... you will have to pay back the remaining portion of the severance. Let's say you came back 2 months after the termination date and your severance was 4 months' worth, you'll be asked to pay back the 2 remaining months of severance. It is in the Summary Plan Description documents
Q&A 32: ... You are required to repay severance benefits if you provide substantial services to the Company or an Affiliate as an employee, contingent worker, consultant, or independent contractor after your Termination Date and prior to the expiration of your Severance Period.
Ps. Assuming you get a job outside of Schwab. If it’s a job at Schwab you’ll forfeit all of it and be paid the new job salary.
If you get a job within two months you’ll need to inform Schwab. This will change your termination date. You’ll receive the severance sum and will not be eligible for the 2023 bonus.