I know some people got laid off last month. I got laid off today. My official termination date is 6/3, so they gave me two weeks' notice. I will receive my severance pay twice a month, just like my paycheck, and three months of COBRA. I have been with FIS for over 32 years, so it's about time to retire. I knew the writing was on the wall after they transferred me to a new group last September and then shut down the project I was working on. It's too bad, as I enjoy working on that project. They said they will still contribute to my 401K in February next year. At least I got my severance pay, unlike the poor guys who got rebadged.
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It sounds like a pretty good severance for you. On my team, anyone with more than 10 years experience was re-badged and did not get severance. Most probably wish they were let go. I was let go and I feel like the lucky one.
Your statement about not paying out severance benefits is FIS sells may, It be an accurate statement. Severance agreements are legally binding contracts with FIS and it does not go away if there is a change in ownership of the company. If company files bankruptcy, that could complicate things, however what SF and the board appear to be doing is to position for a sale. They make their money in a sale transaction not a file for bankruptcy transaction. I do agree that changing the policy from a single payout to dolling it out is to help on expenses.
Demand your payout is immediate if RIF'd instead of weekly. Record your calls. Save your documents. Understand what laws apply to them to you. Use AI. They want you to do everything AI, use it. Understand FIS AI is constrained, use external.
They are doing it to not inflate their cost.
The second benefit if you do not know is if they sell or have a buyout, they are not responsible to pay out your remainder of severance.
They are making moves, you are keeping them afloat until a transition occurs. The company was going downhill prior to SF but she has escalated the rate since taking over. The board has been by her side and the management and execs receiving their bonuses as the hench-people.
Understand, people above you know what is happening because they were told. It is not hard to see from afar but keeping that knowledge from you is key. Their numbers look better and better with less employees. How many employees were there 3-4 years ago? How many now? There will be even less in the near future.
Work on yourself. Build your resume. Put yourself out there. Take care of yourself. This company will and always be looking out for itself. That is it.
@e8 now, they are paying out over the year as if the employee is receiving their paycheck because they are trying to conserve cash, you know, to pay those perks to the executive group. If they don't have the cash to pay severance what does that tell you?
I received my severance, 52 weeks worth, as a lump sum. I was axed in December 2025.
@b4 can't be stock manipulated by our guys? It's nothing new, correct?
@ax doing good? With our stock down 70% in 5 years? Lol
@aq why you think they will run out of money when they are doing good
I am the OP. My severance document stated that severance pay would be paid out over 52 weeks on regular payroll dates after the Agreement is signed and not revoked. I guess FIS is running out of cash to pay out lump sums.
@an when was it? Last I heard that they don't pay lump sum amount and it's bi weekly pay just like salary
I believe they will pay you the severance as a lump sum. At least that was how they did it with me. Also, they funded the bonus which probably would not have been paid anyway.
@OP You are so fortunate! I got nothing after over 30 years. Am still waiting on an explanation on this mess.
@OP Consider yourself getting a really nice severance package as opposed to retiring and getting absolutely nothing. I've been hoping to get laid off for a year now and its not happening. I'm sort of pi---d bc I am willing to train whomever will replace me if they just lay me off. Instead I'll just end up retiring bc Im fed up with this company.