Do we know for sure?
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How does the severance works? If I'm asked to leave the company which eventually going to happen, within 15 days if I landed into another job will I paid be the severance? And what will happen to merit bonus which they need to pay I won't get them?
If you take another position within the Company while receiving your severance, you will lose your severance. So, if you have a lot of time, might want to look elsewhere so you don’t risk it.
You should receive your March Bonus but not the Annual Merit Increase that typically is effective April 1st.
Here I thought band 5 made more than that. That range sounds more like a narrow band 4 range. Band 4 goes beyond 150K
Post from TheLayoff.com
Hey uh - I would def think it’s related to layoffs.
How does the severance works? If I'm asked to leave the company which eventually going to happen, within 15 days if I landed into another job will I paid be the severance? And what will happen to merit bonus which they need to pay I won't get them?
well I guess I need to start going into the office if severance is this much
“To the previous poster, check out the chart on page 7 of the severance document. See the second line from the bottom referring to band 5 or salary $100-$150k. I think the other poster was correct.”
So then you have to assume that there are Band 5 Principals and Directors making less than $100K.
I hope you’re right as it would work out great for me, but I believe that just means Band 5 folks in those groups.
“check out the chart on page 7 of the severance document”
I’m on a gravy train with biscuit wheels!
To the previous poster, check out the chart on page 7 of the severance document. See the second line from the bottom referring to band 5 or salary $100-$150k. I think the other poster was correct.
“To the person who asked if Software Engineers will be affected-- don't forget to check out Cigna's severance plan. Assuming your salary is between $100k and $150k, your severance is 2 weeks per year if service, with a minimum payout of 22 weeks”
Not true
Severance is based on career band, not salary.
You will get 2 weeks of severance per year of employment with 52 weeks being the maximum.
Here are the minimums:
Band 1: 4-6 weeks
Band 2: 8-20 weeks
Band 3: 12-14 weeks
Band 4: 16-18 weeks
Band 5: 20-22 weeks
Band 6: 26 weeks
Benefits:
Subsidized COBRA
Career transition assistance (lol)
Bonus if eligible
Payment received on Cigna’s payroll schedule.
Pro tip: NEVER pay for cobra upfront. Cobra can beed added retroactively within a 90-day window.
Can you comment if you are Cigna, MA, Tech...
I’ll be on PTO out of the country on 2/22 and my manager told me that she’d need to speak with me that day. I told her it would be impossible as I’ll be backpacking with no cell service. I thought it had to do with me being laid off but then she said that we could connect on “changes” the day after or when I get back. So I hope I’m safe, but it sounds like 2/22 is a big day somehow.
Some case managers are asking because they are hoping to be laid off. It’s wishful thinking that they will let go and can enjoy a good severance after a lengthy service.
I mean who knows what at this point?
Do directors up know? Department managers and supervisors? Who knows what and who will be let go?
To the person who asked if Software Engineers will be affected-- don't forget to check out Cigna's severance plan. Assuming your salary is between $100k and $150k, your severance is 2 weeks per year if service, with a minimum payout of 22 weeks of pay, not counting the first 4 weeks, during which time you're still considered an employee and getting regular pay and benefits. You would also get your normal bonus in March. The plan is in Iris in a PDF. It's actually pretty generous. No need to worry. We'll be fine.
“Will case managers be impacted tomorrow?”
Case managers are some nervous Nellies.
To anyone reading this,
Do you have information about layoffs? Why won’t you share it? Seriously. Where’s the empathy? People have families, bills, responsibilities. Many people have put blood, sweat and tears into their jobs and don’t want to be blindsided by losing their job.
Will case managers be impacted tomorrow?
the stress of these layoffs is making me sick - do we know how bad it will be this time or who will be affected? software engineers?
Yes it’s coming . There will be one of 15th Feb as well. But just rumors I have heard .