Just curious if anyone has had success in negotiating their WFR severance package?
I've heard rumors of people being able to counter the package and getting more but I don't know if that just talk or real.
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Cash Severance Payment Example
John is a Plan participant. His Weekly Base Pay is $1,200 and he has 16 Years of Service. John is not entitled to shift differential, monthly on-target earnings or other additional compensation. John remains an employee of HPE until his Termination Date.
If John timely signs and does not revoke the required release of claims, then John will receive a cash severance payment of $5,314.32, determined as follows:
11 Years of Service times Weekly Base Pay (11 x $1,200)
$13,200.00
Plus 0.4 times Weekly Base Pay for each of John’s 5 Years of Service in excess of 11 years (0.4 x $1,200 x 5)
$2,400.00
Minus the WARN Base Pay Equivalent (8.5714 weeks x $1,200 per week)
($10,285.68)
Remaining cash severance payment
$5,314.32
John’s WARN Base Pay Equivalent is $10,285.68, and his cash severance payment is $5,314.32, totaling $15,600 in cash payments (subject to withholding).
Time and Form of Payment
Any cash severance p payments will be made as soon as possible following a participant's Release Period (as defined below), but no later than 60 days following the end of the Release Period. All payments are subject to required payroll withholdings. If a Participant is indebted to HPE or its affiliates as of his or her Termination Date, then HPE reserves the right to offset any cash severance payment by the amount of such indebtedness to the extent permitted by law.
What are the current terms for WFR? How many weeks for years served?
There was strong take it or leave it language in my paperwork. I too consulted an employment attorney who recommended that I take it. However good for you if you manage to get more.
I was advised by my attorney that I could PROBABLY negotiate a higher severance package if I could demonstrate "compelling" circumstances...such as:
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Family member(s) have medical conditions requiring regular (costly) treatments
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You are the majority household income earner
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Job market in your geographic area
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Housing market in your area (i.e., inability to relocate to better job market)