Thread regarding Charles Schwab Corp. layoffs

At what point would you disappear from the org chart? Many people here seem to be watching it to monitor eliminations.

If you are impacted in a layoff, the following happens unless it has changed in the last year:

1. . You’ll have access to the Schwab system until 4pm local time (say your goodbyes, etc). At 4pm local time, your system access is cut off.
2. . Your manager will email you the terms of your severance and it will be overnighted to you along with a package explaining your severance, WARN Notification, login instructions to external Workday (where you can see previous payslips, current benefit election, etc).
3. . Instructions on how to apply for internal positions
4. . Instructions to login in and accept terms of severance
5. . Unemployment info
6. . Outplacement assistance etc.
7. . Cobra benefits

Nothing will change until the 60 notification period ends. You’ll continue to be paid as normal, whatever elections you have made etc continue.

If you have an approved sabbatical on file, you’ll begin your sabbatical first then go on the 60 day notification.

To receive the severance, you must electronically sign the severance agreement by a certain date.

Once you reach the end of the 60 days and have agreed/electronically and signed the agreement, you’ll receive your severance payment deposited into your account and you’ll receive your unused accrued vacation time and floating holiday(s).

If you are working remotely, a couple/few days after your notification, you’ll receive a packet via overnight to your home with pre-paid label and instructions to return your equipment, badge, cell phone, corp credit card and anything else). Schwab did not ask for monitors to be returned.

You’ll also have a concierge via RPS to assist you with 401k options available.

We do get paid for unused vacation days, but not for accrued sick days. You will remain on payroll for 2 months (4 pay periods), but won't need to work unless contacted otherwise. During the 2 months you continue to receive all benefits such as health, 401K contributions, elected deductions and etc. After the 2 months you will receive a lump sum payout for the severance that is applicable to you (default benefit or depending on years of service, which ever is greater), including unused vacation time. You will also receive 6 months of COBRA payments to continue your health insurance.

@wzf+1nN4NCCP

Yup, you got it. The day you find out you are impacted starts the 60 day clock. You stop coming to work but keep getting paid as if you are. Then at the end you get your lump sum payments. Which will include a minimum of 66 days (for level 57) PLUS your accrued vacation/holidays (not sick time) PLUS a sum for COBRA benefits to maintain health insurance during this time.

I would start burning through whatever sick time you can in the next couple months since they don't have to pay that out.

In that case it would be 60 calendar days and then after those 60 calendar days you would get a lump sum payment for 66 business days.

@hoc+1nN4NCCP

So technically.

Start off 60 days and they show you the door. You get paid 60

Then another 66 minimum. Or am I just an id--t.

66 days is the minimum, so it doesn't factor into the calculation. It's just saying if your calculation is less than that (like mine would be) you get that at a MINIMUM. And of course they also list a maximum by level.

So for 6 years at a 57 you would calculate 6 x 10 business days = 60 business days. They also discuss partial years, but leaving that out for this example. So that is less than the minimum for that level, which means you would be paid for 66 days (the minimum).

This is a lump sum AFTER you complete your 60 days notice period with full pay.

I understand where OP is coming from and the response about HR getting back to us but I think some of us want to be proactive in this

Typo. Calculate.

And I guess we don’t get paid out our sick days only vacation and holiday?

I have the same question!

If you are selected ( impacted) , your severance packet (documents) will have everything you need including the calculation and amount of days used for your total lump sum payment . HR will not have any details to provide to you, if you are apart of the layoffs there will be contact information for you to use in regards to the severance it self within that packet.

if you contact HR now and you have not been notified they will refer you to the knowledge article which is all the information they can provide

You don’t it contacts you