Thread regarding Charles Schwab Corp. layoffs

Oh, one other thing, I did get the last bonus advance since it occurred in my two months of getting paid but not working. Weird.

The severance package has been the same for the last 20 years, which is how long I have been here. Here are the details:

1. 10 days of salary for every year of service. So for someone with 10 years of service (and this prorated), you get 10 X 10 = 100 days of severance. Basically it's 22 days for one month of salary (not sure how this changes with our bi-weekly payroll), but you essentially get 100 days / 22 days = 4.5 months of salary. This is paid out in one lump sum.
2. Once you are notified, you stay on the payroll for 2 months, but don't have to come in. They can call for information, though that is rare from my experience. During that period you get your normal payroll, still receive benefits as normal, until your 2 months period is up. This is time to take care of those medical needs.
3. You are paid for any unused vacation time, and floating holidays. But NOT for sick time. Assuming you accumulate the max 200 hours, which is easy to do during this pandemic, You can count another 1 month + change of salary, in addition to the lump sum severance.
4. Finally, if you don't have that much service, there is a minimum amount of severance based on your grade. I can't remember exactly what it is, but level 58 is something like 3 or 4 months I think.
5. And one final thing, if you are like me with 20 years of service, you are capped at the maximum severance. It's something like 10 months of salary if I recall. So this means you potentially can get 1 year of pay (10 months severance, 2 months remaining on payroll, and another 1 month of unused PTO).

September 2019 layoff, 11 year employee, grade 56. 2 months pay as normal with medical benefits then a severance pay of about 40% of my salary. Also about $3000 tossed in for Cobra help.

The bad ? It was all included in 2019 pay so I met too much for the $1200 this year.