Thread regarding Charles Schwab Corp. layoffs

If you are eligible for a sabbatical and haven't scheduled it, do it now.

jumpword sabbatical, scroll down to job elimination section.

If you are laid off the sabbatical can be moved up with approval. This is effectively another 1 months salary on top of the 8 weeks / 60 calendar day pay. The assumption is that your manager will approve moving it up. Managers might be ****heads and not approve it.

You also can add in any unused vacation time.

See section 6.1
https://www.sec.gov/Archives/edgar/data/316709/000119312509037420/dex10325.htm

Someone mentioned you'd get 1 month salary for every year of service, which is crazy, not even close. The max cash severance you can get is for 220 days and you'd have to work 22 years for that (10 business days per year of employment).

You can see the chart here

https://ibb.co/Qc2z21T

@ rth+1nHesJwS - It absolutely is spelled out. It has a minimum amount you will be paid based on grade level regardless of time worked. If you are a grade 56 that’s only worked one year you will still be paid AT LEAST the base amount. You can be paid more, up to the maximum.

It isn't spelled out on the MyHR Severance FAQ about severance for years of service. It has min and max.

A friend of mine got 2 weeks for every 1 year at Schwab + 60 days of non working leave.

Is that how they will determine the min and max benefit?

@gbj+1nHesJwS
Yes for 58/59/60 - lower for 57, higher as you go up. As noted it is all in the severance plan. Just go to myHR and search severance.

You can all see the severance policy on the schweb. There are minimums and maximums laid out by job level and a lot of other information about how it works.

Is there a max on number of weeks of pay in the severance plan?

is 88 days really the minimum? Seems high to me, but i'll take it.

For all the exempt employee levels, there is a minimum severance amount… so like 57 and above. Here’s a theoretical scenario:
Level 58, here for 3 years, making $125K per year, taking health insurance (~$18K per year paid by Schwab) and have 5 days PTO left…

1. 60 days of “non working leave”: $2403 per week x 8 = $19,230
2. minimum 88 days severance = $40,000
3. lump sum payout of PTO (7 days as it accrues during leave): $3178
4. lump sum for COBRA (3 months): $4500

TOTAL (before tax): $67K
After tax est 30%: $47K

It’s not six figures but in this case it is almost 40% of the annual pay - that seems like plenty!

@mlq+1nHesJwS

On the planet where you are a TD middle manager making 200k or more and have been at the company 5 or more years. Any of us individual contributers that haven't been with the firm long will likely see 3 or 4 figures tops.

The package in previous layoffs has been the 2 months of wage you get after the layoff, this is federally mandated or the WARN law in most states, a months salary for every year of service, and access to the internal jobs portal for 6 months so you can try and stay with the company if you want.

@ies+1nHesJwS still has some good advice though. Mental health is health care, spend some of that severance package on something fun and frivolous just for you if you can and if it will help you feel better.

Thank you for bringing some positivity! Love your message. Things always happens for a reason. When one door closes it’s because there is something much better waiting for you. God sometimes pushes you in another direction and what may seem like a negative situation is really gods way of redirecting you to a better path. We sometimes hesitate to take these steps on our own because we’re comfortable where we are at, therefore god intervenes. This is not the end. It’s only the beginning to a much better chapter!

On what planet are we getting 6 figures? I’m a mid level worker making well under 200k a year. I’ll be lucky if I walk away with anything more than 2 months of pay

Thats bad advice. Ignore all the gen-z feel goodery nonsense, do this instead:

Most of you will be getting close to a 6 figure severance package. Spend the first $10k on yourself. Buy a great cigar, a really good scotch wh----y, and enjoy both while listening to some good music. When you've finished that go to Vegas or your nearest Indian Reservation Casino. If you lose the rest of that $10k stop but know you've had fun. If you win money, great. Stop after you win $10k. Consider yourself lucky. Mix all of this in with companionship of a good woman or man.

After you get home, move on and start focusing on what's next. Some of the most successful people have been laid off or fired. Some of them have gone on to change the world with what came next. What's next is the start of the rest of your life and that can be really exciting.

This is sooo cringey