For the people who were laid off earlier this month: what kind of severance did you receive? Is it the usual package or have there been any significant changes to it? I know that many companies have used this opportunity to cut down severance and it wouldn't surprise me if BNY Mellon did the same.
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@ejwk+1asBFdpG, more tax may have been withheld but that doesn't mean the feds taxed you more. Of course, if you could spread it out over years it MAY effect your tax bracket. Also, SUB pay isn't subject to fica but severance pay is.
4poa+1asBFdpG I get what your saying about still being attached to BNY, but trust me you don't want a lump sum. Why? Uncle Sam will tax it at a higher rate. I know from experience. I was layed off in 2009. My severance was $5000. When I finally got my funds it was around $3500. Keep in mind i may have paid a little more being single and without dependants.
It’s 2 weeks for every year employed capped at 52 weeks. SUB pay, so if you get another job you lose the SUB pay going forward. I personally think they should just give you the $$$ up front and be done with it. It feels like I’m still attached to them. My experience at BNY was horrible over the last 10 years, BE, ageism, but honestly it sounds like things have gotten much worse since I was kicked to the curb.
It’s considered supplemental pay. That way you can collect unemployment at the same time. 2 weeks supplemental pay for each year of employment.
They don't offer severance. There are other posts that cover what they offer.