Yes. Your hourly rate is likely less than your previous salary when computed as Hourly Wage X 40 X 52. Your salary is higher because you may earn overtime as an hourly employee. In reality, its a pay cut. If you're paid out, it is at your current pay rate. In the past, they've paid hourly and exempt using the same formula (1 week of pay for x number of years employed at follett).
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Severance if given is by the years you worked not if you are hourly or salary.