Sorry if this is covered further down thread but does anyone have confirmed details on the severance policy? 2 weeks for a year is widely confirmed but I heard secondhand that BNYM requires you to also qualify for unemployment (ie need to prove you're actively seeking new employment by applying regularly to new jobs) to keep getting your severance payments. Also that once you get a new position, severance ends even if you aren't at the end of your severance period. These would be non standard policies (usually unemployment payment has nothing to do with severance, and you get paid your severance no matter what - often a lump sum.)
36 replies (most recent on top)
I worked 7 years and got 16 week is sub pay. I keep asking about the actual sub amount per pay period and they keep beating around the bush. Does anyone know if the SUB pay will be around the same (if not a bit more) than our regular paycheck prior to termination? Obviously not including any OT, incentives etc
@qkkyw, is it cheating any more than:
- Not filing WARN act notices?
- Or closing down offices you promised to expand?
- Or "eliminating" positions only to have the work done offshore?
- Or firing people to avoid paying bonuses?
Most of those fired should file for extended federal unemployment for losing their job due to foreign competition through the Trade Adjustment Act.
Just lovely. You can cheat your way through life but I find that to be incredibly sad. Certainly even your friends don’t trust you.
That’s a contract that all of TSG signed three years ago. Your contract, which is far better than SUB, is a really good deal. The idea was that you agreed to a lengthy contract with a defined contract. TSG was viewed as too important to lose specific individuals so there is a carrot and a stick.
Sorry, but It’s simple… University of Phoenix Grads.
Why not take the high road and do the right thing. I swear we do have the most toxic employees when when everyone seems to be gaming the system and trying to get over. It’s really so sad to know these are coworkers.
@gdf
With your envious and horrible ethics you should never be hired again, anywhere.
“Perhaps if all staff went on a "go slow" for six months things might change. Sometimes people need to stand up but my sense is that they will just take it.”
Under PFPC it was 6 weeks for every year. BNY appear to be trying to push people out and then throw in redundancy if outflow not quick enough. In order to push people out leadership are demanding that staff receive poor review ratings. This is highly disrespectful and unethical behaviour. Perhaps if all staff went on a "go slow" for six months things might change. Sometimes people need to stand up but my sense is that they will just take it.
July 24, 2019 by Anonymous | 11 reactions (+7/-4)
@gdf
There is no severance people. There is Supplement Unemployment.
The only people who have severance are Senior Executives who have formal employment contracts. The rest of us are at will employees and get 2 weeks per year of SUB.
A lot of info for the employees impacted this week.
All of this may have been true a few years ago but wasn’t it changed?
@33bsr+10ckQ70u, from what I'm told when you apply you should not state that you received a severance package. When I applied I was asked about payments I was receiving and I told them I was on a sub-payment plan and not severance pay. If you received the letter stating you are on a sub-payment plan then you should call the unemployment office tell them your package was not a severance package but a sub-payment plan. Hope that helps.
This is the options on the TMS site where you have to verify your status each week to continue your SUB payments. Not sure what the implications are of each selection and there may be other questions based on what you pick. This is what's shown if you choose currently unemployed for the first question and currently receiving state unemployment for the second.
Introduction
To continue your SUB payments and other benefits, you need to inform TMS of your continued eligibility for state unemployment compensation as described in your separation package.
Failure to update your eligibility on time will result in the termination of your SUB payments.
To begin, please click Next
O I am currently unemployed.
O I am currently employed.
click Next
O I am currently receiving state unemployment.
O I have applied for state unemployment and I am currently in the waiting period.
O My state unemployment has been exhausted, however I am still unemployed.
O I do not have enough wage credits to qualify for state unemployment, but am still unemployed.
O I have not applied for state unemployment benefits.
O I am disabled and not available for employment.
O I am not available for work for other reasons.
O I was denied unemployment.
click Next
I should have said "log in EACH WEEK to notify them that you're ready, willing and able but not working"
To get your SUB pay you need to sign their separation agreement and log in to notify them that you're ready, willing and able but not working. I'm not sure if that counts if you qualify for unemployment because you're going to school or starting a business or some other circumstance where you're not looking for work. Generally speaking, if you qualify for unemployment, you qualify for SUB pay but you can also qualify for SUB pay if you're still out of work after you have exhausted your unemployment benes. One of the options when validating for SUB pay every week is that you're unemployed and looking for work but have exhausted your unemployment benefits.
According to google, all 50 states allow SUB payments while collection unemployment. You also get the extra $300 per week from the feds which is supposed to go up to $400 with the latest socialism package.
Looks like maximum sub pay @ bnymellon is only as long as you qualify for unemployment wether you get a job at the end of it or not. So if your unemployment period is 26 weeks and your sub agreement is 40 weeks, you can only get a maximum of 26 weeks of sub pay. Then they kick you out.
Hoping I am wrong but. It looks that way. So it is no good for people who had worked a long time for bnymellon (15 years on)
What happens when state unemployment runs out? They don't tell you what you need to do to continue receiving sub pay.
I can personally vouch that I am getting severance from a ‘technology separation plan’ and not a SUB plan. I cannot collect unemployment until the end of the severance period. I am trying to find out why I was not given the SUB plan like most technology people that I know.
It sure would be a shame if you got a new job and "forgot" to notify BNYM to stop your SUB payments...I'm sure they are really on top of it since they can't confirm if you are employed or not. Get the SUB money and good luck BNYM getting it back!
6 weeks per year of service over here in EMEA
If your a K you get the greater of 12 weeks or 2 weeks for each year of service, so in your case 12 weeks.
2 weeks for every year of service. You collect at the same time you get unemployment- however- if you get a job before the sub pay ends, you forfeit the rest that has not been collected
SUB is confusing. It says 2 weeks for every year of continuous service, but then there's a table below that, and it shows weeks of base pay based on grade level. Which is it? Been here for a year but I'm a K. So it's either 2 weeks or 12 weeks???
Remember the doublespeak... "separation llan"... hilarious
Impossible to know what is true here. Eight different sets of “facts” in answer to one simple question.
If you live in PA, they do not tax SUB. You only get the federal taxes withheld.
It depends on the state. I believe PA does not tax unemployment and that includes the Suplemental Unemployment.
Don't know why people keep answering this question incorrectly. You taxed STATE and FEDERAL exactly the same as before. It is SOCIAL SECURITY that you don't get taxed on with SUB (so that is about 7.5% saving). However your regular state/federal tax withholding most likely will be slightly higher since 401K money won't be withheld pre-tax.
A key bonus to SUB, is that you are not taxed at the state level, you have some federal taxes withheld, but generally you are getting paid more. Additionally, you can collect unemployment immediately, so you are pulling in far more than you did while working. Trust me, getting laid off is not a bad thing, I’m happier now than ever, and you will be too!
Thank you, this is helpful.
Wow. Thanks for clarifying that BNY doesnt actually provide severance. No wonder I couldn't find a policy on it. There is a written policy on SUB. Another fantastic cost cutting message that puts more responsibility on (ex)employees.
Details of the SUB pay program are online. The max is 52 weeks.
My colleague was let go 2 months ago. He was with the company 25 years. He was given 40 weeks which supposedly was the maximum. This was not one lump sum. You will get paid the 15th & end of month like usual.
What is PFPC?
BNYM does not offer severance. It is Supplemental Unemployment Benefit (SUB). They are not the same.
BNYM does not offer severance. It is Supplemental Unemployment Benefit (SUB). They are not the same.
Under PFPC it was 6 weeks for every year. BNY appear to be trying to push people out and then throw in redundancy if outflow not quick enough. In order to push people out leadership are demanding that staff receive poor review ratings. This is highly disrespectful and unethical behaviour. Perhaps if all staff went on a "go slow" for six months things might change. Sometimes people need to stand up but my sense is that they will just take it.