A colleague got let go this week and I just got time to catch up with him. He is a very honest and hard-working guy. With over 13 years he got only 3 months salary. How could that be? Isn't that street standard to give 2 weeks for each year of service? He is such an humble person that he didn't even ask HR any questions about the severance.
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You do have access to your 401k. You can contact the firm that handles the plan and the telephone number will be provided by HR. Your un vested balance will be returned to MS. If you were with the firm for five years or more,which is the corporate standard you will have 100% available for withdrawals or rollovers.
One month for a year of service was standard before financial crisis.
HR still kept old mentality in 2008.
After that, people became cheap.
2 weeks for a year and there is a cap.
The formula is not transparent.
It's all up to HR. Not sure whether your manager has a say.
When I was laid off in 2008 We recieved 1 month salary per year(They rounded off my time to 18 years) Payout of all vacation and the bonus. In addition I was laid off on January 18,we recieved two more paychecks then the severance in late Feb of 2008.
What’s the package in London?
In Montreal, 3N + 1 means for each year you work for the company, you get can 3N + 1 weeks of salary as your package. N means year.
What does 3N+1 mean?
Anyone knows what happens to the 401 account after lay off ? How does one access it outside of MS . and what about the unvested money ?
I am not from HR, but many years ago, from a financial perspective, severance used to be one month’s salary for each year of service - unlimited PLUS your prior year’s bonus. Through various iterations after the MSDW transaction, after 30 years, I was given 2 weeks for each year of service, up to the equivalent of one year’s salary - no bonus. Anything else ‘could’ be a negotiation point. I discovered that Firms are under no obligation to pay severance, but you do need to sign the agreement (do not ever sign it on the spot, take it home and read it after all thoughts have sunken in) before you are paid which is still subjected to return of the payout if you find employment back at the firm within 6 months of your departure amongst other circumstances. Do your research, know what you may be entitled to, and do not publicly and openly disparage the Firm where you may jeopardize your package.
Can anyone else confirm? Ideally someone from HR
In Montreal, I heard is 3N + 1