For those who have been laid off this past week, first off, I’m sorry! You don’t deserve this (no one does).
I’m wondering if anyone could share details of layoff package received? Severance pay (# weeks per year of service and was it capped at some max number)? Was there any benefits continuation? Prorated bonus? Any insight would be really helpful to those of us still remaining, but stressing about the axe, come September.
So is one year the absolute max anyone can get?
No, for my team it was the WARN 60 and then whatever was 'left" of your 2 weeks/year severance. So severance did not START after warn, it's whatever is LEFT after warn.
I can't speak to WARN but
VP and below 2 weeks for every year and prorated bonus
SVP No Contract 1 year pay and prorated bonus.
SVP Contract pay out of rest of contract if less than a year they get a year and prorated bonus
EVP pay out of rest of contract if less than a year they get a year and prorated bonus
All levels only vested stock is available to you.
What’s the WARN act?
Not first hand information, but this is what I heard from 1 person in CA. They are on payroll until mid October, assuming thats 60 day WARN, and severance after that date- 2 weeks for each year worked. Their last day was last Friday.
I'm also wondering are they paying the 60/90 days due under the WARN Act then starting severance ?