I’m on Schweb and trying to understand severance. Am I getting the calculation right?
Level 58 severance is approx 6 months pay?
60 days + 88 min business days
5 replies (most recent on top)
What about a grade 59 or 60?
Correct that would be 9 full paychecks
Is the number of severance days pay based on work days? For example, is you have 9 years = 90 days, does that mean 9 full paychecks (i.e. 10 working days per pay period)?
For simplicity, don’t count the 60 day notice period as severance. During that time you will continue to get your normal paycheck unless you find other employment elsewhere, at which point the remainder of your 60 day period will be paid in a lump sum. The severance package comes in after your 60 days and is based on your time of service and job level. As a 58, with more than a year but less than 9 years of service, your minimum payout is 88 days. Otherwise, multiply your years of service by 10 and that’s the number days you will be paid for severance. 9 years = 90 days, 10 years = 100 days, etc. up to a max of 220 days. Taxes will be deducted from your severance package and you’ll receive a lump sum including any accrued but not taken vacation. You lose any sick time though.
Correct. Plus whatever accrued yet unused vacation/floating holidays.