So now its official layoffs are going to happen soon in q4 . Hence, had some questions regarding Cummins severance package policy. I can't quite remember what the severance policy was last time around. Is the below correct?-
- Tenure Less than 3 years- 3 months severance compensation.
- Tenure between 3 to 8 years- 3 months min +1 month of each extra year. So, for example, 5 yrs worked = 5 months salary in compensation
- More than 8 years- 8 months severance compensation
Is the above correct ? Note- The numbers above are based on what I can recall from 2015 layoffs but these numbers may be incorrect.
Another question below-
- Is the payout done monthly or as a 1 time lump sum?