Will HR change the severance to a much smaller amount in 2025?
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“ It’s a severance package.“
No it isn’t. It’s severance pay. There is nothing else. Therefore there is no “package”.
This is super easy of the company sells your business unit off to another company. Then the new company declares bankruptcy when they terminate you.
Yes...here's the package: you get notified you lost your job and get 2 weeks and a kick in the a$$. Meanwhile the StinkyStank remains in his job as one the highest paid, underperforming execs in business.
I heard up to 2 years pay.
I may have to pay the nations highest taxes but at least I don’t have to worry about my severance. Thanks NJ!
Under the amended law in 2023, employers are required to pay all terminated employees severance of one week of pay for each year of employment even if they provide the full requirement of 90 days' notice. If an employer fails to give a full 90 days' notice, they must pay an additional four weeks of pay to the employee.Jan 24, 2024
It’s against the law to lower the severance, if you live in New Jersey :)
I would actually get more than what the companies severance package permits.
“Stop calling it a package. It's severance pay. There is no package.”
You again? WTF is wrong with you? It’s a severance package.
what about mobility employees ? So if a COR store switches over to ?AR, and the employees are let go, whats the severance ?
No they won’t. They still have to pretend to attract and retain.
Stop calling it a package. It's severance pay. There is no package.
The management severance is already below average for a corporation this size. It was average before they changed it the last time (2015). Capping out at one year then, now 6 months. Don’t see them reducing it again.
If the company is looking to "save money" somewhere, management severance reduction isn't it, at least for the lower level management that they're so heavily targeting. It costs way more to pay out a bargained employee. Upper level managers also have more 'perks' to their terminations, too, than the average grunt manager. But they may do it anyway, just because they can.
It is telling, though, that they were able to get D3 down to 45 weeks.
It’s been discussed every year but sounds like it’s getting to the point where it could be reality in ‘25.
Non one knows, this comes up on here every couple of months anyone who says they know is lying.
Yes, severance pay is being reduced to minimal amounts for management however union workers get a much more lucrative termination package if laid off or declared surplus and thus get the VTP (Voluntary Termination Package). For example, per the Leg T/CWA contract, it pays out up to 104 weeks pay for workers with over 31 years. The payout amount graduates down with less years however it's still much better than severance pay for laid off managers. Many of us, in fact, want to be laid off and we know eventually we will as our work functions and tasks are automated and/or sent off shore.
This comes up every year at this time. Part of the package is agreeeing not to sue AT&T.
They are willing to pay that extra money to stay out of the courts and media.