Somebody mentioned in another thread that some people were laid off without severance in one of the latest rounds - is this true? What's to stop them from suing the company? Because I know I would if that was to happen to me...
As if I didn't have enough to worry about as it is...
I believe the number was around 2,000 company wide.
You can continue to collect the SUB even if you find other employment. You just go to the Sub plan web site and affirm that you are eligible for unemployment. It's on the "honor system". I did it and collected an extra month even after starting a new job when I was let go last Jan.
Transitionservices.com
Does anyone have any details on how many people were let go this year and the age ranges? I heard they try to include others to hide the fact they are targeting older employees with over 10 years.
Can you please share the Sub plan administrators website? Facts are often difficult to discern here.
Sub is taxed as income. It is not, however, subject to fica tax, so you save a little on that.
This is all laid out on the plan administrators website.
Have anyone been let go without SUB payment? Is it legal for them to replace severance with SUB payment?
Yup, there is no severance. A true severance is when you and the employer agree on a said amount, and then they cut you a check for that amount and send you on your way. Yeah you don't get that at BNYM. What you get are "SUB payments" which is supplemental unemployment. The good news is that SUB payments are not considered income, so its not taxed. Also, you get to keep your medical benefits while on SUB payments. The bad news is that SUB payments are tied into your normal unemployment. If for whatever reason you no longer qualify for regular unemployment (because you went back to work), then you forfeit your ability to collect the rest of your SUB payments. They don't pay you SUB payments in 1 lump sum like a true severance, you are paid your SUB payments just like you'd be paid your normal paycheck. The problem is that if you are eligible to receive 18 weeks of SUB payments, and you find another job 4 weeks into it, then you loose the rest of your SUB payments. So in other words, there are strings attached. A lot of strings unfortunately.
There is no severance. It is SUB, and it is not the same thing as severance. Some people are not eligible for SUB. You should look at the plan doc online to see what the guidelines are in order to determine if you would be eligible in the event you were laid off.