Curious what happens to your severance if you get a job outside of WF? does WF severance continue thru the allotted time period or does it stop?
8 replies (most recent on top)
The 60 day notice period is a call back period. I actually got that in writing from HR. I started a new job within my 60 days and have been getting regular severance checks and have kept my insurance. Double dip!!
@vdf+1o0BkjOx
"I knew someone who found a job during the waiting period. She negotiated a start date on day 61 and she got the lump sum, enjoyed an extended vacation, and a job waiting for her. (The ideal scenario)"
Taking the lump sum cuts you off from any Wells Fargo benefits such as health insurance and also front-loads all your pay into that one calendar year you take the lump sum in. For many people it is beneficial to continue to take the biweekly severance to spread the pay over two tax years instead of having it all land in just one calendar year.
Talk to a CPA or CFP before taking the lump sum or you might be giving up tens of thousands of dollars in taxes alone.
You double-dip. You keep your severance bi-weekly as is until it ends or you can ask for pay out. Details will be in your package
I knew someone who found a job during the waiting period. She negotiated a start date on day 61 and she got the lump sum, enjoyed an extended vacation, and a job waiting for her. (The ideal scenario)
You may not take another job during the notice period because you are still a WF employee.
You're allowed to have more than one job.
Technically you can get a job during your 60 day notice period but then you'd lose your severance pay so not recommended.
When you are notified of your layoff, you enter the 60-day notice period. During that time you are still a Wells Fargo employee, regardless if your notice is working or non-working. You may not take another job during the notice period because you are still a WF employee.
Once your 60-day notice period is over, you are legally terminated and enter the severance period, at which point you are not an employee. You are free to begin any employment you want during the severance period.
So you can start looking for a job on the first day of your notice, even interviewing, negotiating offers, and accepting a position but you cannot have your start date during the notice period. As long as the start date of your new job is after the last day of your notice period, you're fine.
As long as it’s not within WF you still get your severance