Can anyone confirm the details of the severance package they're handing out? Is it one week, two weeks, or no weeks of pay for years of service?
Health coverage seems to cover a month and that's it before COBRA kicks in
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Severance is also based on your current salary. The higher the salary, the more severance someone may be paid
I was affected by the layoff and received 1.5 weeks per year of service - I've been there 10 years. I heard of some that only received a week per year of service - so I think it's tiered based on time served. One month of Cobra.
It is my understanding that the 2 weeks of severance per year of service is capped at 6 months of pay. So, if you are a long term employee with over 13 years of service, you get the same severance as someone with 30 years. Since there is no law that requires any severance at all, it is up to the generosity of the company's leadership to decide what that limit is. In my opinion, the long term employees lose the most/respected the least.
My coworker was an employee for over 30 years and got less than week for each year in his severance pay
I think severance packages depend on what your pay grade was, or seniority with if the organization. I’ve heard from some that they got 2 weeks for every year of service, 1 month healthcare, and they will receive their bonuses in March. If you had long term incentive stock, that pays out also.