It was mentioned several times on this page that we can expect more layoffs today - has that been confirmed or dismissed as an unsubstantiated rumor? Friday is usually not a layoff day at NOV, but lately, nothing would surprise me considering everything that's been happening.
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How bad is Houston? Any lay-off there? I was hired less than a year ago. Very concerned
Oh, well that explains it. They mistook my age as 35 instead of 45.
45 days is for those over 40 years pld33
I understand completely what severance pay is. I also understand signing the deal so you you can't sue them or go to work for the competitor ....... but in the field, it must work different. I was laid off back in April after working 6 years for Tuboscope. I did sign the paper stating i would not sue the company and in return i got my final check, unused vacation pay and 5 weeks severance pay all within 4 days of leaving. There was no 45 day grace period.
Maybe i need to look into this a little more to see what i got screwed out of.
A co-worker told me it was coming on Tuesday
FYI
This is a common practice with layoffs.
You must sign a waiver to get a severance pay package.
This is not a VERP!
The waiver is a release which reduces risk to the employer from getting sued for discrimination, typically age or other category discrimination.
The 45 days to consider is to allow the employee to get legal advice and even after signing the employee has the right to resend for up to eight days.
This is all to do with current anti-discrimination laws.
Severance is not about the employer being good and thankful to the former employee. Severance is paid to employees who signed the agreement to “sever” or cut off the employer from any responsibilities I.e. lawsuits.
You get something for shutting up.
Hush money
You have to sign agreement in order to get your severance package offered. You are given 45 days (if you are over 40) to accept. In other words. You are signing off your right to sue them if you accept package. W.A.R.N. act requires company to give 60 day notice to employees if masd layoffs are coming (with a few exceptions). Basically if you sign off, you can't sue them under this act. Some severance packages are better than W.A.R.N. act some are not. If you were employed less than 10 years and offered severance. I would suggest looking into both options before signing. Either way you are correct regarding laid off employees are no longer employed.
@rbz+14YSKLnx What are you talking about 45 days to sign a release? And then 8-10 days to back out of the waiver? You can't back out of getting laid off.
What you are stating sounds like the offer for the VERP which is totally different than getting laid off.
My experience . . .
I received a final paycheck which included vacation earned but not taken up to that point of Termination.
I then had up to 45 days (that’s required for workers over 40) to sign a release (I was in technical staff)
They then give 8 or 10 days if you want to back-out of the waiver.
They paid it in about 3 to 5 days after the expiration of the back-out period.
This may not reflect others experiences in other groups or in different roles or the current policies.
Oh and make sure you get that last paycheck for the full pay period worked up to the 8th. NOV is stating that is included in severance, calling BS on that...
I was laid off on Friday last year
Does anyone know how many people were laid off at NOV 529 last week
Literally last friday many people were laid off....why would a Friday not be the best day to do it