I just received the harsh news of being let go. I don't understand the severance package, if I sign how many total months will I receive of pay? I'm sure this has been answered elsewhere but it's confusing to read through.
16 replies (most recent on top)
EIC as well, just past my 1 year mark.
This s---s a--.
PTO amount is not included as a number because they will officially calculate the dollar value when you sign the Severance Agreement. The reason is that you will continue to accumulate the PTO during the 30 day notice period. So if you sign today, they will calculate what your accrued PTO as of today's date. If you wait till the last day i.e. day 30 of the notice then you will have a few more hours/days of PTO (value) to add.
On page 9 it says -
- you will receive lump sum payment equal to 3 months of base bay.
Q - Why it says only 3 months of base pay ? Does the 3 months above refers to period starting at the end of 60 days from now ?
Just finished my 1:1 (20 min ago) - went well, the mgr was compassionate but firm. It was very quick. @IW94AMP-qyx is 100% accurate here - will not repeat what was said, but take a look at @qyx write up and that's what you are getting. Ask questions if you are still confused, will respond in this thread.
this is what I got:
-
30 days in Cisco with full rights (badge, and access to all as usual) from today
-
then 1 month pay regardless if you sign the doc or not, also 1 month Cobra pay
-
once you sign the doc, you get 3 more months pay + 1 week per year over 10 years of your service. Also 3 months cobra pay if you are under 10 years service, or 5 months pay if over 10 years.
So overall, stay in Cisco with all benefits for another month, then 4 month + x weeks pay if more than 10 years service. 4 or 6 month Cobra pay.
This is a reasonable package, similar to what Cisco gave the last two years (?).
anyone ? please respond. I too have the same question
I see on page 10, there is a total amount listed. But at the same time it says you will receive 3 months of base pay.
Why only 3 months of pay if I sign the package ?
and also they have not listed the amount i will get for my unused PTO's
EIC too here. :(
In addition to the severance pay outlined in the package, they will have to pay for your unused PTO time (so that can really help if you have a lot of time saved up).
Ok, thank you for the responses. I'll call HR and have them explain the details.
You can also call HR and ask them to explain it. My package last year had a phone number you could call with questions.
I got one too - I am signing it regardless. Here is my thinking: I am not ready to sue for a number of reasons, I want to move on, I feel not to be in a good negotiating position... So, I am just taking the money and running as fast as I can away from this sinking ship.
Good luck to all...
No - that is the base pay - look at the footnote to see what includes. You really need someone, like a cryptographer, to go through it with you. Don't figure this one out on your own
how is the package? Any separation 1 month (look inside) + 2 month + 2 month as discussed in Feb '16 lay package for people < 10 years.
I see a dollar amount on page 10 listed as "Separation pay", is that the total amount I am expected to receive if I sign the package? A lawyer may be costly and as of now I don't have a job.
Each package may be different. But you should have the dollar value calculation in USD on page 9, 10 of the package. If you are still struggling to follow, you may need to consult a lawyer. Don't just sign anything without fully understanding.