Try “How much would a severance package be if you get laid off (with under 5 years with the bank ?”. Those four simple changes take it much closer to standard English.
Good luck in your studies.
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@5ibk, you are required to attest each week that you still don't have a job. If you lie about it your are committing fraud and stealing from bny mellon.
Please don’t try to get over. it’s a safety net so only take what you need.
How will they cease SUB payment once you find employment?
Grab an ad blocking browser… BO-M!
Uh…. Yeah, I just explained it to you. Anybody knows do we have a parrot in the room?
@3kbv, what info did you give to this site? You might notice a little things in the side columns called ADVERTISEMENTS.
Kinda ironic that you begrudge giving FREEerisa your personal information in exchange for their info. Do you work for free? Their business model is to get your information for marketing.
Here’s a hint… if it’s free on the Internet then you are the product.
Most get 2 weeks/year. I say most, because once you go above L level things change. It caps out at a year. It' not severance, it's supplemental unemployment. If you get a job it stops. It's independent of unemployment insurance. You can collect both.
@1uds The Plan Document filed with the IRS indicates two different things, neither of which reference each other. It indicates in one paragraph that “participants are entitled to a minimum of benefit ranging from 4 to 36 weeks depending on global job grade level with maximum benefit of 52 weeks.”
One paragraph later the document indicates that “SUB Pay ceases if a participant informs the Company that the participant is no longer eligible for state unemployment benefits…” and then lists several other reasons including commencing employment with another company.
Later in the same paragraph it indicates additional reasons that SUB Pay would cease, including “violating terms of the general release”.
@2pvt, 100% and it isn't taxed by SS.
Sub pay question? Is supplemental unemployment benefits paid by BNYM at 100% of the employee's salary, or at a lesser amount?
- if you haven't been fired yet and can't find the info on our fabulous intranet.
- if you have been fired and you want to make sure your separation agreement is consistent with the benefits you're owed.
Sub pay doesn’t stop just because unemployment runs out. You get it for however many weeks you earned. If unemployment runs out at 26 weeks and you were entitled to 30 weeks sub pay, then you get the 26 weeks unemployment AND 30 weeks sub pay. They run concurrently. So after unemployment ends in this case you would get 4 more weeks of sub pay.
@1gxw, kinda ironic that FREEerisa requires you to give them personal information in exchange for their info.
Who would care about those documents? If you’re displaced you know everything as it applies to you. If you’re not, it’s bound to change. If you do get displaced you walk out far better off than any retiree does.
@1yah that is not true. The sub pay does not stop when unemployment stops. I got laid off in 2022 and got unemployment at the same time as sub pay for 26 weeks. When unemployment ended I continued to receive my sub pay for the remaining weeks I was entitled to.
Adding on to what @onb mentioned below…the plan is technically a formal benefit plan like a Medical or 401k plan, so (though they are a year or two behind) the plan document filed for the SUB plan is available on public benefits sites like freeerisa.com. May not be the latest, but might be helpful for those that no longer have access to the Intranet at BNYM.
And just to be transparent in case it’s something OP is not aware of, it’s not ‘severance’ (as in they give you the money and if you find a job in two weeks great for you), it’s Supplemental Unemployment Benefits (SUB) pay. It is paid out to you regularly, like a paycheck.
That means it supplements your unemployment benefits, so if you’re no longer eligible for unemployment benefits (for instance, because you found a job in two weeks), then your SUB benefits cease. No more SUB payments.
So the SUB payments are helpful in bridging the gap between paying jobs, but it’s not old-school ‘walk away’ lump sum money.
Assuming K level or below, 12 weeks.
2 weeks for each year of service rounded up
BK doesn't lay people off. They just fire them and probably move their job overseas.
It depends on your level. MD’s get 6 months. And only for a reduction in staffing levels. And trust me when I say they tie some to performance and you get little to nothing.
If it is a reduction in force it would be 2 weeks for every year rounded up, plus the notice period of 2 weeks. There are minimums based on grade level - the SUB plan document can be found on the intranet site, but they’ve buried it pretty good so it’s hard to find.
i think 12 weeks ?