If you work at schwab there is info under "severance" and you can read the details of packages. basically you get 2 months paid plus 2 weeks for every year of service.
8 replies (most recent on top)
Not bad. I’m a grade 58 that’s only been here for six months. I’ll gladly take the 88.
"what is severance policy for less than 1 year employment?"
Depends on your grade. You get the higher of the minimum severance for you grade, or 10 days of pay for each year of service. Minimum severance is as follows: Level 58 gets 88 days of pay, level 60 up to VP gets 110 days. That breaks down to 9 and 11 paychecks respectively, plus any accrued vacation that you have. And you also continue to receive pay and benefits for 2 months after notification.
what is severance policy for less than 1 year employment?
So do you get paid out for your sick time? or just vacation?
There is also a minimum cash severance payment, based on your grade, if you don't have enough years vested. For example, grade 60 pays 110 days, 58-59 pays 88 days, and so on. For grade 60, this means you get 11 paychecks, or 8.5 moths worth of pay as a lump sum, plus any unused accrued vacation days.
The two months is in addition to the 2 weeks of pay for each year of service, which is a lump sum paid to you at the end of the 2 months. You are effectively still a Schwab employee for 2 months after receiving notification. All your benefits are still effective including medical and etc. You just don’t have to go to work. They provide this time for you to prepare for finding another job. They used have counseling for resumes and etc, not sure of that is still available.
You get 2 weeks for each year of service, plus a 2 month paid time of additional "work" plus whatever vacation time you still have on the books.
As I understand what you posted, 15 years with Schwab would yield 30 weeks in layoff benefits? Is the 2 extra months they given just an added sweetener? You post read as if one might get 2 months and 2 weeks for each year, which is highly unlikely.
You said: If you work at schwab there is info under "severance" and you can read the details of packages. basically you get 2 months paid plus 2 weeks for every year of service.