Can anyone please share the high level severance package information? How many weeks of pay for each year of service? Wondering how long I will have to find a new job.
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How about voluntary layoff if offered? Is the severance package the same as that of the involuntary layoff?
Lunch with Geoff
60 days garden pay + 2wks per year (4wks per year is for director & above)
To the post that mentioned about 1 month per year, Can you expand on what you mean by “depending on your role” ? for example if a principal engineer was with the company for 12 years, do you think they would get 1 month pay per year as a severance?
2 weeks for every year of service. Minimum 6 months for director-level and above. VP a little better than that. 60 days “garden” status to avoid WARN requirement (public notification). If LTI, all of it that hasn’t vested goes away to zero. If you are enrolled in ESPP and notice no stock is being purchased in your last period, then you are most likely getting laid off because the company signals to Fidelity about 6 weeks in advance of your layoff date. So ESPP enrollment can be a good way to see a signal for getting laid off, but of course, not a good investment no matter how much they discount the stock.
Depending on your role/years of service. Should get 1month/year plus top up on annual MIP/SIP bonuses.
If you have savings and can hold out, speak with an employment lawyer. They will claim you will get 3-4x what is currently offered, but after settlement and premium payout, you will net slightly more than double. Just a caveat, lawyers on both side will drag it out for 18-24 months before settlement so you have to be prepared to sit and wait.
Most states also don’t allow you find work during this time; otherwise the lawsuit is null. So buyer be aware!
Don't forget to stock up on some sweet Medtronic merchandise before you go! I think you get a special RIF discount.
"garden leave " is normally 90 days. ie 90 days notice of terminate, all other benis are collected after a signed "not to sue" and on the 91 st day I believe
Do we get paid for United recognize points?
should be 2 weeks per year worked + vacation payout and garden leave for maybe 1-2 months