Thread regarding Bank of New York Mellon Corp. layoffs

Since sub pay is not subjected to SS tax and Medicare, will you be required to pay that to the IRS when you file taxes?

@4tyx,
COMPANIES pay unemployment INSURANCE which in turn pays benefits.

@4fsu

Please don’t game the system. It’s not “ Unemployment will look for various ways to deny the payment - they are insurance company anyway.”

No, it’s actually not “an insurance company”. We in your state are paying your unemployment and we are not an insurance company. Again, take the high road and be honest. Stay in the state, available for work, and look for a job. You’re very sharp and savvy but “getting over” is not the goal here.

@qwl

Please don’t game the system. Follow the rules and report if you get a job. We’re quick to carp a lot about Sr Mgmt here but we need to be ethical as employees. It’s a really nice package so there’s no reason to try to get over on the Bank.

@3adb

The tip was given as a warning.

When one is searching for their new gig, one have to attend interviews. Yeah the COVID pandemic has made virtual sessions easy and simple, but BEFORE THAT folks used to travel and did face to face interviews.
The parent firms were in Canada and in Netherlands. But the work was LOCAL

When one is out interviewing (actively searching for a job) the state will deny the unemployment. It is weird that the state , in this modern era, expects to localize the search to the firms HQ'd locally.

Unemployment will look for various ways to deny the payment - they are insurance company anyway.

@1ovl

At the risk of stating the obvious, State Unemployment is State based. Your actions in traveling extensively outside of the State… and Country! obviously warrant examination. It reads like you’re trying to get paid to move, but at the very least it’s obvious that you’re not available to work in your home state.

If you want the state to pay you for your move enjoy the increased pay for a year and set aside money to move. It’s always simpler to take the high road.

@qwl

It’s sad to see former coworkers trying to get over on the Bank and State by gaming the system. The displacement package and unemployment is a safety net,.. actually so good that it’s a hammock. Consider going off unemployment and SUB since you’re actually working.

“How will bny know if you got a new job already if you don’t report it? And also gig like uber or doordash considered a job?”

@2jho

Quite true. Bonuses due after you leave are another game to play and are often taken from us. I retired under the “Good Leaver” guidelines, meaning 5 weeks notice for my grade, and cheerfully volunteers to pick up a lot of work for teammates in that last month+. Worked my usual 3,000 hour year as always.

Shafted with a zero bonus. That’s the company that we work for.

@1hrv

People that you know didn’t made more under SUB pay because it's not taxed the same as real pay. They’re misunderstanding that that their cost of benefits is lower. Unemployment and Sub are both taxable. Be frugal and set aside money.

@3znn

Apparently better than your salary - you don’t pay taxes on it.

For SUB pay is the pay the same as your salary? I’ve read the paperwork over numerous times and can’t figure out what my pay will be. Level K

@2vqm,
This is also incorrect:

• BNY will pay you SUB for whatever your time there dictates (2 weeks for every year)

You only get SUB pay if you don't take another job OR qualify for unemployment (you can still qualify for UE even if you work some or go to school etc).
Also, it's 2 weeks per year, rounded up (ie if you were hired a week ago you have 1 year) and there are also minimums based on your pay grade.

To @2vqm+1kKtmeGz

I agree with all your bullet points except the one about the bonus.

People who were displaced may still get a bonus. It depends if your (ex)manager fights for you to still get it.

Lot of false information in here, I've been through it.

• BNY will pay you SUB for whatever your time there dictates (2 weeks for every year)
• state unemployment has nothing to do with SUB. As a BNY employee you paid into state unemployment fund and that state will pay you unemployment for 26 weeks or until you find a job. In my state you had to log in weekly and tell them you were looking for a job, it has nothing to do with being out of state
• you will not get a bonus
• your pension and RSUs will not change, they will still be on same vesting schedule
• your benefits will continue until SUB runs out
• dont bother using BNY outplacement service, like everything else BNY they cheaped out and it is worthless

@1ics,
Your theory violates basic logic by assuming the inverse is true. It is not in this case.
@1hrv,
Sub pay is not subject to fica so everyone automatically makes MORE than their salary.
@1ovl+,
You must be ready, willing an able to work with a few exceptions. You don't need to stay in your state.

@1ovl

One of the things that I'm concerned about is what happens when the state decides to deny you unemployment for whatever reason, like they conclude you haven't been actually looking for work? Per TMS, you're eligible for SUB as long as you're eligible for state unemployment. So in theory, if you lose state, then you lose SUB as well.

Those who are applying for unemployment here is a tip.

Unemployment will be denied if you are out of state during the week. As a technology person I had to travel to neighboring Canada for a job interview and later to Europe. Though I got a better offer with a local firm a month later, during the period I was away in Canada and Europe - the state denied my unemployment. I do not know how it works if you go to California for an interview.

Reason given : I was not actively searching for a job IN the state.

The same state will greedily come pan-handling when I get paid by the firm established outside the state. Hypocrites.

So watch out. There are ways around it. You will figure it out.

People I know made more under SUB pay because it's not taxed the same as real pay.

Take the win, especially if you were close to retiring anyway.

Also don't need to sign up for unemployment unless you are in a bind, because once you are re-employed, your SUB pay stops... and unemployment will require you to keep searching, so just enjoy the vacation, albeit known recession concerns if your timing is off.. happened to me many years ago.

Also, don't tell the unemployment office it's severance, because it will mess up your benefits.. call it exactly what it is, 'Supplemental' unemployment benefit.

Someone I know made almost as much in their SUB as was there salary.. not true for everyone, but just enjoy and be happy.. then go down the road and see if the competitors are hiring, although some are laying off too.

You are supposed to tell BNY you don't have a new job after every pay period but in reality you don't have to because BNY HR is such a sh1tshow they have no idea (surprise surprise). I got SUB for 8 months and checked in a total of 3 times that I was still unemployed.

You don't need to qualify for unemployment to continue getting your sub pay. If you are eligible, for unemployment you can continue with getting your sub pay. That doesn't mean if you aren't eligible or unemployment that you won't continue getting your sub pay. Kinda like a square is a rectangle but a rectangle isn't necessarily a square.

@qwl

Because privacy is dead. I’m sure the company BNY is running the verification services through runs tour credit report or the like to see if a new employer has been addd to it. I’m not looking to get a new job any time soon, so that’s irrelevant to me.

What concerns me is making sure I’m “eligible” the entire time through state unemployment. But it also says that you’re not required to file for unemployment. So is it safer to not do it and just collect BNY paycheck and let state go?

How will bny know if you got a new job already if you don’t report it? And also gig like uber or doordash considered a job?

Yes you need to let them know within 5 days of each payment. You can also collect unemployment at the same time, and the don't lower your SUB payment. Depending upon your tax situation, you can either claim right away or delay, but has to be within 12 months.

@yfq

Regarding running out of state unemployment due to time, I think there's a specific exemtion for that.

First point yes, you need to certify you are not working within 5 days. Easy to do via the website.
Second point does not sound correct. As an example, if you received 48 weeks of SUB and your state only provides 26 weeks of unemployment you would still get the SUB.