Thread regarding Charles Schwab Corp. layoffs

Detailed package info

Somebody was kind enough (thanks @hzh+17DF6acy!) to share detailed info on the severance package. Pasting that info here to be more easily accessible:

It is 10 days of severance pay per 1 year of services, capped at a maximum of 200 days, which is 10 months pay. You remain on payroll for 60 days, including full benefits, which means you should take care of any medical needs during time period. You all your PTO accurals plus unused floating holidays, but this does not include sick time or sabbatical time. If you do not have that much tenure, each grade provides a minimum amount of lump sum pay. Level 58 should be 4 months of pay if I recall. Don't remember what level 52, 54, and 60 are.

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Post ID: @OP+17EmOWph

3 replies (most recent on top)

TDA provides 20 days of pay for every year of service. You also get cash for all accurals also including unused sick time.

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Post ID: @1aej+17EmOWph

What is the TDA negotiated package?

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Post ID: @ljb+17EmOWph

This is Schwab's package. TDA negotiated a better package for any TDA Associates released within the first year. Following the first year we move to the package described above.

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Post ID: @mfr+17EmOWph

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