How much severance were you offered, and what band were you in?
6 replies (most recent on top)
BoA is an “at will” company. You can be fired “at will” and severance is not guaranteed. It is entirely legal. It is solely provided to keep up with competitors practices and retain a decent public image.
The common practice is 2 weeks pay for every year of service, typically capping out at 12 months pay (meaning 26 years of service). During the last large RIF in GT&O it was capped at 18 months pay based on the 2 weeks for every year of service.
Unless you were let go due to performance reasons which doesn’t seem to be the case given your rating, that doesn’t sound right / legal?! How long were you with the bank? Severance should be two weeks for each year of service and I don’t see why your case would be an exception.
After decades of service I was fired (by telephone) due to “lack of confidence” - no other explanation at all. I was a B4 manager and had over 150 staff in my organization. My mid year review was E/M. My severance was $0.00 and they wiped out all my unvested options. They let me go in September and gave me two weeks “earned”vacation pay. The entire process was insulting and demeaning.
I was laid off on 4/7/2021 and am getting paid until 5/4/2021. Then I will get severance for 20 weeks. Can I still draw unemployment if I get severance in Texas?
b4 – 2 weeks a year. But I'm employed for 1 more month since last Friday before the severance starts.
No details received yet. I have been told verbally by my Hr manager and that was it. I was told that I will receive severance email (not a physical package) next Friday.
Search Flagscape for “Severance” and you will find a 4–page overview including the duration by band group.