I've heard rumors that 2 weeks for every year service up to 3 mos total. Anyone confirm?
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For salaried people:
You are on the payroll for 2 months, with benefits and PTO accrual just like a regular employee. I think PTO is paid on your last check as a pseudo-employee :)
After those 2 months, you will sign your rights away in the separation agreement. You will then get the lump sum (max of 26 weeks plus pro-rated bonus).
COBRA will be paid until January 31
So, on payroll for 2mo and 6mo max. Does the 6 mo include the 2 mo on payroll or 6 mo starts after the two mos? I assume they are still paying all medical during that 2 mo on payroll or is that what they are calling "cobra for 2 mo?"
The cap is 26 "weeks", which is 13 paychecks.
Call HR, they will confirm all of you entitlements.
"2 weeks pay per year worked capped at 26 weeks."
I was laid off yesterday, and what I was told my severance would be did not add up to this. My years of service was 32 years. If I got 26 paychecks based on the cap above my severance should have been one paycheck more than a year's salary, but it was much lower. In fact, even with the pro-rated bonus added in it was still less than a year's salary. Since my last day was yesterday, but my severance date is Nov 7, are they including the pay from now to Nov 7 as part of the severance that I just won't be receiving in the lump sum? Also, why must they give the severance as a lump sum? That throws my yearly income into another higher taxable bracket. Not sure I like that.
For salary people:
- 2 weeks pay per year worked capped at 26 weeks.
- Prorated bonus.
- Recieve the RSU units that were due you in February.
- 2 months paid for COBRA.
- If you were there more than 20 years you get 1% per year worked (worked 22 years = 22% base pay).
They may keep you on the payroll for a while with full benefits before you get your package.
Go to T-Nation and search 'severance' all the math to figure it will be there.
TMO is cheap, like their service which sucks.
Depends on whether you are are exempt or not. Most I heard was you are ob payroll for 2 months, you get up to 6 months of pay depending on length of service, and then pro rated bonus. There may be a lump sum payment as well for those with 20+ years of service. Then 2 months of COBRA as well. It's not a bad package.
6 months max with calendar last day in 2 months
Pretty dismal in my opinion. AT&T was 6 mo max for non union and 4 mos for union employees.