What happens when people find out they are getting laid off from their job? I am nervous and wondering what to expect.
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I was laid off from Higher Ed last summer and my experience was you get a call with HR and they read the severance documents to you word by word. They don’t have any answers to questions such as “how much is severance taxed?” or “how much do you subsidize health care?” You generally have one month left of employment and then you get 2 weeks for every year, plus any accrued vacation time you haven’t taken yet. They pay 80% of health care on cobra for the severance period. So without 401k and health care taken out, it was only about $100-$150 less per check. Then you have to pay your part of cobra, which was around what I had been paying pre taxes. You have to sign up for the cobra using the info they send you, it won’t roll over. I’d suggest making sure your T&E is paid, many people have issues with this after the fact. Pearson also pays for 30 days of Right Management which many find helpful.
People have had various issues, you should join the Former Pearson Employee group on Facebook. My only issue was they didn’t stop paying me after the severance period until I emailed them like four times and then I had to pay it all back. They also said I owed more than I did, so don’t automatically assume they know what they are doing.
Do not take withdrawals on your 401k if you want MA unemployment. It makes you ineligible.
Or your boss sends you a meeting invitation, then you get on the call and your boss isn't there, someone else is on the call to lay you off instead.
Pearson has done layoffs in several ways: as mentioned earlier, the call to go to HR (if in an HR-hosting office); a private video conference with HR and the line manager; team video conferences when an entire group is being RIF’d or re-badged; and the all-time low, turning off network/e-mail/computer access without warning, in the middle of the day.
You may be given a transition period - 30 days used to be common - or you may be sent out immediately, as mentioned earlier. If there’s time, your team or department or office may organize a send-off party, or they may be warned off of doing so.
If you are a full-time/regular employee, you will likely be offered a severance package, usually two weeks pay for each year of seniority; execs get three per year. They may offer to cover healthcare for a time, or they may send you straight to COBRA status, where you pay all the premium, instead of the 20% employees pay. You will not be paid for leftover sick or personal days, but you probably be given a choice of taking any remaining vacation days, or being paid for them - note that the payout may complicate/increase your taxes.
The package can be paid out like a regular paycheck, but I have heard of some getting lump-sum amounts in prior RIF’s.
Unless you work online and then it's on a video call.
If you are laid off you will get a call in to HR and they will do the lay-off and let you know the terms if you are eligible. Typically you can then leave for the day and come back the next to collect your stuff.