First time being laid off (it’s ok I knew it was coming.) My manager did the deed but told me to call hr for any questions. HR was about as clear as mud. Can anyone help me understand this. My warn period starts next week, my last day is a while out. If I accept the severance, am I not able to take a new job? I have coals in the fire and if something comes up I don’t want to miss an opportunity in a tough market or if I do take a job do I get a portion of severance?
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@xub+1plImEK9 you also lose the unemployment benefits if you find another job or if you resign. If you don't resign they can recall you at any time during the WARN period , I'm afraid.
There’s some misinformation in this thread… starting Nov 6 (assuming you sign your agreements that day) until your termination date that is outlined (end of WARN), you can take another job but must give at least 24hrs notice (not 2 weeks) prior to starting the new job. You can also “resign”. You would get the remainder of your WARN, severance, days off, etc in a lump sum. What you would not be eligible for if you start something prior to Jan 1, is your bonus. However, ive heard the bonus amount that people would get, is a fraction of previous years
@jlh+1plImEK9 if you dont know , dont assume . There is a clear post of what an impacted person will get below. Balance of notice period and severance . OP , if you get a job you lose bonus . Thats it
From my experience with an earlier layoff you get the severance earlier because you’re no longer an “employee” so you do lose the 2 months “grace period” pay.
The comment below is not entirely true...from tomorrow to Jan 5 is the 60 day WARN period. During this time, you are still an employee and in payroll but no longer have the access as you typically did. After Jan 5, you will no longer be an employee but will be paid your severance. If you get a job during the WARN period, you will still need to put your 2 week notice in then you will be paid your severance package but will not be entitled to the bonus. The best plan is to wait for your WARN period to expire before accepting a new role, you will have your severance and bonus.
It's all at jw: severance. The other commenter here (@afz+1plImEK9 ) is incorrect. If you get a new job during your notice period you must resign, but you will still receive your full lump sum additional severance benefit as well as whatever is remaining on your notice period.
"You must resign during the 60-day notice period if you obtain an outside job or act as a contractor or consultant. When you voluntarily resign during the Notice Period, Schwab pays you the remainder of the 60-day Notice Period base salary in a lump-sum, and you're eligible for the additional severance benefits according to the conditions described below and in the Summary Plan Description."
you dont lose severance . just bonus. Severance would be paid.
You are an employee until your notice period ends. If you start a new job prior to that, you miss your bonus and severance. You'll just get paid for your notice period. If you can push it off until January, you'll get to collect it all.