For those of us getting LRd on the 16th and we’ll be in our 60-day non working period... What happens if we take a job before Nov 17th, will we lose out on our severance package? Can we still sign our package with Cisco and begin work for the new company?
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I was Feb 2024. Had a new job in 2 weeks after LR notice. Not sure if Cisco cares or not, but I just waited to update my LinkedIn for 2 months to not draw attention. One thing is you will have high income in 2024 and pay more taxes (first world problem). But also you will likely get a social security refund, if the total W2 income is >168K for the year. I will have this problem in 2024. I was happy to receive the Feb LR package.
To the poster about the incorrect assumptions… here is where you are wrong:
- Your last day with Cisco is 60 days after you are notified so it would be Nov 17th
- You cannot sign your termination package early until the 60days are up
Signed, someone in AppD that was LRd
There's a couple of things assumed incorrectly here.
If you are notified on Sept 16th, your last day at Cisco is not Nov 15th. Your last day Oct 15th. You are paid biweekly from the date of notification to the termination date in Oct. Then you receive the remaining balance of the 60 days notice in a lump sum payment and you are officially terminated/unemployed. Depending on the state, you may or may not be eligible for unemployment benefits for that last 30 days (mid-Oct to mid-Nov).
Cisco won't give a sh-t about you accepting new work after Oct 16th, and probably won't care about you accepting new work during your 30 day active employee notification period because you're not expected to do work and your access to any work resources other than email, the HR, benefits, and payroll portals are blocked.
Depending on what you've told your new employer about why you're leaving your current job, they may or may not care that you are still employed at Cisco until mid Oct, but odds are you won't find a job that starts before mid-Oct unless you've already been interviewing.
You can always sign the termination paperwork early, and at most, you forfeit the # of days pay between the day you sign it and your termination date in mid-Oct. All that does is accelerate your termination, and moves forward the 4 months of COBRA, severance package, etc. to whatever date you sign it and then there's no "double dipping".
I don't see where the "risk" is, other than your new company having an issue w/ you being paid by Cisco while working for them, but that's only an issue until you're officially terminated, not "receiving severance benefits".
I was laid off by a company a long time ago, but they gave us 11 months notice. I had a new-hire commitment that kept me stuck as an employee for 5 of the 11 months, so I started looking during that last 6 months and it took a while as jobs were scarce at the time. By the time I found one, I was able to start my new job, use my accrued PTO to not work at my old job until my severance date, and take an unpaid day off from my new job to report in on my last day at my old job to sign paperwork and do the exit interview. That was true double dipping and neither company cared in the slightest.
You will just get double pay!
How can they find out?
If it’s not written into the contract they can’t take it away. Just make sure to read it.
Don’t update your LinkedIn, Facebook, and don’t tell any former coworkers. I doubt that they can find out.
The problem with double dipping is that there are very high probabilities that employer can find this and you loose job offer while also sacrificing severance. Why take chance and turn a good situation into a panic nightmare?
You can accept a new role. You will still be paid for the 60 days and receive the package you were offered.
Depending on what the package is, idk if itd be worth the risk to try and double dip
When you are notified on September 16th you are essentially done at Cisco. Just don't tell them about the other job, and be on two payrolls at the same time
I'm also interested in knowing this.
Here my ideal scenario. Get notified on Sept. 16th. Find another job within the next 4 weeks and set the start date as Nov. 17th. That would allow me to cash in 4+ month of salary and also enjoy a 2-month vacation.
I know the job market is very tough in the US and all of the "what ifs" that could happen, but if this is doable, it sounds like a sweet deal to me.