Can somebody please share severance info? Is it a month for everybody or is it based on years with RJ?
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Just tell is what it is? I hear 1 week per year if service. Then I hear 2 weeks. I hear health coverage through October, then I hear a year.
If you don't know, shutup and quit speculating. If you do know post it. The USPS s—s and I might not get anything until Saturday!!
After close to 25 years, I was told I would remain on the payroll through 10/15, although I wouldn't be expected to work (good because can't imagine why I would with this news) , my access would be turned off (in less than 20 minutes it was gone), my cobra payments would be covered for a year, I'd get a package in the mail to return my laptop, and check my mail for my personal belongings and severance package. No mention of any additional compensation beyond that, including bonus, profit sharing, vacation payout, or additional severance weeks. It was a cold cold Zoom meeting. Awful.
Anyone receive their severance package yet? What was the formula?
Everyone impacted is on the payroll for a month and has their current insurance coverage through October. Then everyone will get two weeks per year of service up to a full year of severance pay. And the firm is paying for health insurance for a year (beyond October) via COBRA for everyone who elects it.
The article states that executives will take significant pay cuts as well. What is a significant to someone like Paul Reilly who makes over 13mil a year. A 10% pay cut to a person making a 100k and trying to make ends meet is significant. A 10% cut for Paul and he'll still take home 12mil for a year. Significant to a person who has everything means nothing in real world. The people are the ones who've contributed to your success over the years.
As someone else posted, I was told we get medical through 10/31. But this article says a year of medical:
https://www.tampabay.com/news/business/2020/09/15/raymond-james-to-lay-off-4-percent-of-workforce/
And I dont know how much severance we get. Ive called HR but they wont answer.
I was told health insurance through Oct 31, 2020. Timing is everything with fiscal year end coming up in 2 weeks. They will spend double next year to try and recover from the damage this causes.
I think it's one month for everyone, then two weeks per year of service up to a full year of severance pay. And the firm is paying for health insurance for a year for everyone given the pandemic. And then a percentage of 2019 bonus. That's the latest.
We are all officially on payroll for one more month. THEN we get severance of 1 week per year of service.
We're supposed to be paid out for accrued vacation time as long as it's not more than a year's worth
Only 1 month for me too
I will be sure to update with what I can when I hear more info, I received the notice this morning.
According to my manager severance is 1 week pay for each year of service. Plus 80% of last years bonus paid as this years bonus. IDK about profit sharing. After ‘official’ last day on payroll RJ will pay our healthcare for 1 year
We're supposed to according to policy
Wondering if we would get any additional pay for vacation days not taken. Don't feel like calling HR.
well my laptop just locked up and my email disappeared from my phone.
A package will be mailed with all the details
so here is an interesting question. Not sure if anyone reading can answer. So we are laid off and paid until 10/15. So RJ fiscal year end is 9/30. I seem to recall if you are employed on 10/1 you qualify for Profit Sharing and Stock. will we be screwed out of this to?
1 month of pay and 1 month of health insurance, I believe even for senior positions. I would call HR to confirm as someone mentioned above.
Call HR, they will tell you.
Appreciated, I'm too nervous to even type properly.
Any info would be appreciatd!