Wellie wellie well…. Now we know why there are no layoffs in January other than those fired for cause who get nothing. They spent recharging time to perfect this odious opus. And in 2+ weeks there will be many who now get the fall out from this new plan. I see the word ‘flexibility’ used but I am not seeing how? Only that the affected person gets the ‘appearance’ of more money up front and also gets 2 pay periods of normal pay until it kicks in (they like to say 30 days like that makes it better!) and also also- you get an extra lump severence amount for healthcare capped at 20 weeks. And the titles and years of service cap it at 52 weeks .. ok then.. but is that really better in long run? (Note that they dont say it is) And where is the flexibility and new benefit? How? Unlike severance, SUB-Pay was classified as a benefit (as opposed to wages) and therefore is Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) EXEMPT for both the employer and the employee.
In most states, the payment of severance may reduces or eliminates the amount of unemployment benefits a former employee may receive from the state. This was not the case with SUB-Pay. Instead, in most states, SUB-Pay amounts will not impact eligibility for or the amount of state unemployment benefits. This here new ‘benefit’ does…. On top of a larger tax bill, now, if you cant find a job, you lose unemployment. So, where’s the flexibility and benefit beef???? And when you pay tax on this, you have less to make ends meet ultimately. And why not match the health care lump sum to be years of service and title grounded too? Staying here only penalizes you more. One thing is certain BNY mgmt had the flexibility and benefit here. Not the sacked worker. Even money says they will even reduce this severence in the near future.
Bumped from @am+1jj5b09fp.