Hello, has anyone here actually been a recipient of the lump sum severance package?
I’m trying to contact a long time serving colleague who was recently let go to see what their outcome was.
Also, any idea of why the move to lump sum?
5 replies (most recent on top)
Subpay is very good for you as an employee if you have 20+ years service. which means almost a year pay as if you are still an employee (meaning bi-weekly pay check with less tax deducted and full medical/dental benefits) Plus you get to claim state unemployment for 26 weeks. Its extreemly good if you want to take a break and upskill yourself.
It’s the benefits cutoff that is saving money for the firm.
Had a teammate recently laid off that received the lump sum package.
What is the purpose of this dialog? You are curious as a BNY employee or as a person lurking here to pleasure yourself on the sufferings of BNY employees ?
No, I am still here getting my daily black and blue lumps. But the move to severance is cheaper for the place and frees up money for better bank investments in mgmts view. Plus an added incentive is the sweetness it provided blue cities and states that are broke and cannot support added unemployment payments immediately. It also is more taxable than SUB was. Most of all, the bank ends lingering payments and benefits to defunct people far more quickly. Yes, HR and mgmt hate you.