Can anyone shed light on what Citi is giving people that are laid? What exactly is included in a severance package at least on a basic level?
12 replies (most recent on top)
One thing fer sure jaimee demon and unkie Sam still get theirs whole you get a boote to the keister
And the government taxes the c-ap out of the severance package before you even see it. Not much left to survive on
I’d take a severance package so fast. Tech is a hot market especially since work from home is the norm now. Companies can’t fill all the positions fast enough.
I got a patton leather to the keister. They even kept my stapler!!!
On a basic level, which is most folks, you will get a 60 day WARN period pay. It is paid like normal (every two weeks). You are still covered by your employer insurance at your normal pay deduction. After that you will receive a lump sum payment as your severance. You will receive two weeks of pay for every year of service. So for example, if you have been with C 5 years you will get 10 weeks of severance pay. The max payout for severance is one years worth of pay. Just remember, after the 60 day WARN period you will either need to sign up for COBRA or go on insurance exchange if you are paying for your own insurance. Hope this helps.
I got 2 packs of matches and a block of cheese
All of these responses are wonderful! Keep em coming.
The bottom line is this. If you are ever approached with a consideration for resignation along with a severance package, take it. If you don’t in hopes that you can weather the storm and you are let go, the severance then will NOT be as good as the first initial offering.
Depending on time you have been there you can get up to a year salary
In the past, I’ve seen 2 weeks pay for each year at Citi, as well as 3 months pay PLUS the 2 weeks/yr.
wow thank you for replying back. How long ago were you let go?
It probably depends on what group you are in and job function.
As a former employee in Corp. Finance, I effectively received 6 months of pay. There was no apparent linkage to time of service as I did not even have 5 years at time of RIF.