The severance program was updated to 3 weeks per year at 78 weeks maximum with 20 years service. Prior it was 2 weeks per year which would give 1.5 years of benefits now it’s six months.
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Technically severance begins after the 60 day WARN period, so you’d get 2 months pay + severance
I think I've deciphered this using Excel and PowerPoint and Lucidchart.
Translation, if you've had 20 or more years working here, you get 3 weeks / year of severance but at maximum of 78 weeks severance pay. (Only 2 weeks per year if you've only worked here for less than 20 years.) For example, if you've been here 30 yrs, then got laid off, severance should be 90 weeks (3 weeks X 30 yrs = 90) but you can only get 78 wks. since that's the max. Before, it used to be only 2 weeks per year, regardless whether you've been here 20+ or less years; so BoA is really enticing the old timers to either retire or be laid off.
2nd part: An employee is eligible for the severance pay of 2 wks per year only after they've been here 1.5 years (or 18 months, if my Excel formula got that right, meaning they can get 3 weeks of severance pay for that 18 months of being at BoA); but now an employee can now get severance if they've been laid off after they have been working here for at least six months.
Is that right, or should I CTRL Z it?
Severance is the same but benefits only last 6 months instead of year and half. So bank wins. Guess you are not a math major
if you go to HR connect and select Workplace then select leaving the company and scroll to the bottom of the page there is a link to the Corporate Severance Program Guide and then an additional link under more details to read the severance overview. Then scroll to the Severance formula. It does indeed say that all employees with 20 or more years experience will receive a third wee of pay for each full year of service up to a maximum of 78 weeks of pay. All bands 1-9. There are different minimums per role grouping, but the same maximum
What? This post doesn't make sense. For gods sake, use proper grammar.
The way I'm reading your post it sounds like we get MORE severance now than we did before.
78 weeks is about a year and a half, right?
Got it, so at 15 years for example, B4 and B5 still get 2 weeks per year?
20 or more years all bands get 78 weeks maximum.
Is that for all bands? I thought it was only band 3 and above that got that. Can you confirm B4 and B5 get that too?