Never yet seen Todd’s nephew troll. Dude actually states the truth on layoffs and Todd’s limited layoff era. Todd the was the best CEO from an employee perspective.
21 replies (most recent on top)
I still don't believe those saying that sub-pay is being reduced or eliminated. Been hearing these stories for years and years. If they DID do that, it would certainly inspire many to get out of here asap on their own accord though.
Health insurance continues for the length of the supplemental pay
Everyone still gets 2 weeks supplemental pay for each year of service with a minimum of 4 weeks. Other ppl on here are just stirring the pot. There are no plans to change this. The trolls need to get out of here.
Two weeks of SUB pay per year. Discussions around this going away are serious with a new CEO/CFO so this could be the last group that gets this package. But they have been discussing this forever, so who knows if it will happen.
Sub payments are going away? Will it go to a typical one time severance package or just nothing? If nothing, how can they do that? Just despicable.
Layoffs this year still get Sub payments, next year it goes away. 2 weeks per year minimum 6 weeks, maximum 52. There are minimums for level, but they kick in at level L ( I think). You get health insurance through the last month of your Sub payment, even if it ends the first of the month. Layoffs are this week, Monday through Wednesday.
So what’s your legal theory for getting paid out of an arbitrary undocumented Sub payment which has never been a policy or even a named benefit?
And why would people Line up for age and race discrimination lawsuits? D.E.I. hires are already paid way above people with a lot of talent but no special ethnic, s-xual, religious or other pronouns.
Only old caucasian males would have a chance to sue successfully in a court of law.
Only key employees with contracts receive severance. The rest MAY get SUB (which is really only enhanced unemployment. The persistent rumor is no more SUB and it does seem to be likely. They’re already treating layed off employees better than retirees and that obviously cannot stand. If the bank stopped to think for a moment they’d realize that this drives the best out the door…
@1aeo, there is no logical reason to not put employees to ease by telling them the benefits they'll have when they're displaced.
I worked for Eastman Kodak when they got rid of the equivalent of 2x the ENTIRE BK workforce. BEFORE each layoff event for a department they were open about how many will be affected, the timeframe of rankings, and the timeframe of notifications and the benefits provided to those affected. People hate change but they hate the unknown more. BK needlessly keeping people in the dark is beyond unethical.
No sub pay???? Line up for age and race discrimination lawsuits.
I heard that it was going to the banking industry standard two weeks of pay regardless of grade or years worked, except for the execs with contracts. That makes sense as it was the one glaring missing cost cut.
Sub has never been a formal benefit or policy, which is why it can and does get changed at will by the Bank. It’s also why it is not described y HR
@1uru, it's based on your hire date and not for every full year, it's rounded up. So if you have worked here 14 years and 1 day, you'd get 30 weeks.
"Is severance in addition to notice period? As in 90 days pay bc I have a 90 day notice period + 2 weeks for every year or only 2 weeks for every year?"
Only every 2 week of paycheck for the full year you worked. They cut off the year at January 1st. So, partial year doesn't count, you could lose up to 11 month +3 weeks without the 2 week paycheck.
Is severance in addition to notice period? As in 90 days pay bc I have a 90 day notice period + 2 weeks for every year or only 2 weeks for every year?
A swift kick in the Ar-e on your way out the door.
"What about health insurance? Are they gone the day one is laid off?"
If you are deducted by the last paycheck. You still have the heath insurance for the month. Then, health insurance will be pick up by COBRA, if you want to keep the BNY health insurance, then you have to pay the full price which is almost double on your current deduction.
What about health insurance? Are they gone the day one is laid off?
Is this really true no more sub payment for layoff employees this year going forward? Can you post the email memo? I got my sub pay back then for 2 weeks of paycheck on every year you worked for BNY. So, if you worked for 5 years, then you get 10 weeks of supplement payment.
I thought this last year for sub pay.
2wk per year