I saw a document that mentioned 2 weeks per year of service + 75% of bonuses vesting in the 90 days after termination. Can anyone confirm this?
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I was at Dell 25 years. My severance reflected 2 months plus a week for every year. There was a prorated 2021 bonus as well. The payout took about a month and came as one lump sum minus taxes. As mentioned above, 2 months of Lee Hecht Harrison (LHH) career counseling was provided. They also paid for 2 months of COBRA benefits.
Texas employees were not compensated for PTO. If part of the COVID WFR, it was communicated during the exit that they were eligible for unemployment as well as rehire.
LTI terms are clear - you have to be employed at the date of vesting. The same goes for an annual bonus - you have to be employed up until early March I believe.
Each country is different depending on labour laws!
In Ireland - Your Notice, 4 weeks per year from Dell, 2 weeks per year from government + 1 week this is capped at €600 per week,
Total capped at 104 weeks or 2 years.
Plus your holidays,
What about unvested RSUs and LTIs? Do you get any of those?
Does anyone have a copy of the severance document from 2020?
Is there a cap on payout for years of service ? Example 30+ year would only get 15 ?
Layoffs went out Tuesday and Wednesday of this week because it's a pay week. Last paycheck contains your normal pay up to Friday, plus if the state you're employed in requires PTO to be paid. Company policy document specifically states you lose all unused PTO, holiday, and PBA, unless state laws require them to be paid as "earned" wages. Last check within 30 business days of signing severance package, which was 2 months base pay, plus 1 week for each full year accrued, plus 75% of IBP, 2 months of COBRA health and dental paid.
Lump sum in last pay check
Is it paid out just like your regular check every 2wks or is it a lump sum?
In Ireland it's 2 months + 2 months per year
You guys rock! We need more Ireland and less Texas in the US
Capped at 13 years
Are the payments capped by value or time, max 10 years etc?
In Ireland it's 2 months + 2 months per year, in the UK its 2 months and 1 month per year. In France and Germany they have workers Councils, so unlikely to be any layoffs at all.
Typically it’s 2 months plus a week for every year. You may get a partial incentive pay out (Bonus) plus PTO payout if you are in a state that qualifies (not Texas, but that’s fair given that you have no state income tax in Texas). So if you get laid off you’re probably ok for about 6 months, but even better off if you find a job before then.
What type of bonus "vests".. is this some kind of sales incentive thing?
In US- I heard 2 months + 1 week of service for every year + 75% bonus and some healthcare support & career counselling. Hope that helps. Thinking about all those impacted.