Section 5. Severance Payments. If the Company determines that a surplus exists as described in Section 1. preceding, resulting in the layoff of a regular employee, that employee shall be eligible for a $700 Severance Payment or payment equivalent to one week's wages (whichever is greater), for each completed six (6) months of Continuous Service during the first year of employment and an additional $700 or payment equivalent to one week's wages (whichever is greater), for each subsequent completed year of Continuous Service up to a maximum of 18,000.
So if i have 10 + years the max is 18000??
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Put all your severance on Red 19 on roulette. You will be rich!
It means you gonna get paid. Plan your trip to Atlantic City to reap an even bigger payout.
Almost wish I remained in the Comm Tech title 31+ years service you get 104 weeks severance, at least with legacy T
2 weeks pay for every year you worked but not to exceed 1/2 yr (26 weeks)
So if you worked 05 years you would get 10 weeks
So if you worked 10 years you would get 20 weeks
So if you worked 13 years you would get 26 weeks
so if you worked 20 years you would get 26 weeks also
That is taxed
That is on mobility contract. They just make the money, not really getting paid with it...
Be specific about what plan you are quoting. Recognize there are management (to be management you do not need people reporting to you) and bargained employees. What you quoted is not in the management severance plan.
At&t is a bunch of cheapskates.
Bargained for. Management is different, topping off at 6 months salary.
up to a maximum of 18,000
Sounds like a maximum of $18K whether you have 10 years, or 10,000 years.
Wrong, the deferred amount would have to be calculated along with the known rate. I went through a similar situation.
It wasn't always this amount, it was changed and will constantly be updated based on the needs of the company. See this thread for how much they used to pay out: https://www.thelayoff.com/t/COmZec0 Here is another https://www.corp.att.com/resource-center/wp-content/themes/resource-center/docs/SDO_ATTOP_Overview.pdf
Correct
Thats the way the cookie crumbles!
I sure hope you didn't expect more, at&t is broke.
Bingo! Don't spend it all in one place.