Any of the affected people mind sharing the severance info with us? Is it a week or two for each year? And is there a cap? Also, what's the situation with PTO?
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I was told the severance pay would be a minimum of 4 weeks and a max of 26 weeks. I think you have to be employed for one year to get the min.
They told me they would pay my yearly bonus AND the 401k match even though the let me go on dec 28th. Sick time doesn’t get paid out so I made sure to use all of mine.
I got 2 weeks of severance per year I worked. Granted it was only 2 1/2 years there...
to the HR poster—-can you simply share the policy rather than refer us to it? Let’s help each other here....
I am hearing pretty consistently that it is 1 week per year of employment.
I would like to know as well. There are more to come...
The sick leave is pretty backward—use it or lose and tracked separately rather than PTO as most companies provide.
Layoff’s at this time also let USB keep the 401K match. Another benefit that benefits them—matches are once a year rather than per pay period. Since we are a financial services firm and advise on dollar cost averaging to our clients, it would be nice to extend that philosophy and benefit to the employees too. They match in March and get the benefit of those funds all year.
Current employees can see the policy around layoffs or job elimination in HR connection to find those answers.