Say I want to do a part time job at Walmart or lyft and I am no Finra holder or broker. Should I do pre-clearnce if so what was your experience and if you skip it how would they catch you as its part-time
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I’d recommend doing this. As others have pointed out, as long as there is no conflict it will get approved, but if you don’t do it and they find out you could get in trouble.
Also, I think I saw a post one time saying if you get ANY new job during your notice period, even just part time, Wells will use that to deny you severance. But I’m assuming continuing to work a part-time job you already had before displacement would be fine. So better that they already know about it ahead of time, so in the event you get laid off you aren’t risking your severance continuing to work there.
@gs is wrong. Wells Fargo does NOT have access to your Social Security information!
Wells Fargo doesn't have direct access to your Social Security earnings information from a new employer. Employers report earnings to the Social Security Administration (SSA), and the SSA tracks earnings to ensure accurate calculation of Social Security taxes. When you start a new job, your employer withholds Social Security taxes based on your earnings, and there's a maximum threshold of earnings subject to Social Security taxes each year.
It's unlikely Wells Fargo can "catch" you getting a new job during the 60-day non-working period after layoff by querying the SSA about your new employment. Unless you're a FINRA registrant and your new employer registers you with FINRA, Wells Fargo wouldn't have a way to know about your new job.
If you're receiving severance pay from Wells Fargo, they'll continue to report your earnings to the SSA as usual. However, your new employer will also report your earnings to the SSA, which will help ensure accurate calculation of your Social Security benefits.
To clarify, Wells Fargo can set up direct deposit for various income sources, including Social Security benefits, but this doesn't imply they have access to your SSA records. If you have concerns about your specific situation, it's best to consult with a financial advisor or contact the SSA directly ¹ ².
@gs my second gig didn’t stop collecting SS nor did Wells. They settle up at end of year. But to do this is pure risk with high odds of getting caught either low payoff. Don’t do it.
When your first social security withholding from the new job hits WF has access to the information. Years ago SSA started this to avoid potential over withholding due to the combined incomes hitting the threshold for paying SSA. WF doesn't have to pay their part once your combined income hits the maximum threshold. That's why they do it. That's also how they catch you getting a job during your 60 day non working period after layoff.
OP you're asking the wrong question. not "how would they catch me" but "is it worth risking my full time employment for a part time side job"
As others have said - as long as there's no conflict of interest it won't be an issue to get clearance. but if you don't report it and then somehow it gets found out (never mind how... stuff happens) then you lose your job.
So go fill out the form
Well say you were laid off and you are looking to get a part time job while you are on your severance do you need a GPS ? If so would that impact your severance ?
If you are in HR how would you catch someone doing a Part-time job?
P.S. do i also need a pre-clearance to ba*g shawty ?
You’ve apparently skipped all development u training. Yes you report it. Better than getting fired.
always best to err on the side of caution. As long as there isn't a direct or perceived conflict you'll be fine and it will get approved.
I had an Indian coworker tell me once that because they were a contractor they could do as many jobs as they wanted, and they then told many Indians here in IT at that bank do 2 to 5 jobs. I was like ahhh Ok didn't know that. After everything i've seen at this bank, I would do the pre clearance, always do the ethical thing or what's right, i don't think they would say anything.