Severance packages used to be much better, not just at Citi but overall. If you were laid off, you'd get a proper safety net that would help you land on your feet. Today, we get a week or two at the most per year with the company and that's it. No extended health insurance or any other benefits. But it is what it is, I guess.
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Severence has always been 2weeks per year ( at least for the past two decades) plus you’ll get 90 day WARN ( in NY, 60 in other places). Plus unemployment.
hypocrisy at its best
It has not escaped me that when someone makes a anti-liberal statement, that post is removed quite quickly. Yet there is a post below where someone is advocating violence to “punch” someone in the face….that post gets to stay. By all means, leave that one there.
It's obvious many were living the good life year after year, while I was going through loss of jobs quite often.
Anytime someone with actual knowledge gives real information to these whining, woe-is-me, threads, it is met with vitriol and negative comments about HR. You people are disgusting and deserve every bad thing that happens to you.
Tenure = Higher severance. There is also cobra for insurance or even the affordable healthcare act.
Kick rocks dweebs, I was just trying to help. Also not HR, just another concerned CITI employee like yourselves
Cobra cost : one adult and 2 kids is costing around $1600 per month
Post ID: @oni+1qjNxr2S Thanks but NO Thanks, Citi HR. It does Not help calm anyone down. There's No guarantee that after X-Number of months after getting the Citi Axe even if the Employee is on WARN and Severance with unused PTO being paid out, that the Employee will land a job. Landing a job, comparable or better job could take months if not years. And even if the Employees use COBRA for their medical and dental, COBRA only lasts for 18 months AND on COBRA the Employees have higher monthly premiums compared to when they were FTEs. COBRA premium for a single person with No dependents is about $800-$1000 per month and about $700-$800 without the dental insurance. Citi and Employers are NOT doing Employees any favors by giving us the Sh@ft ! Just because Citi is doling out "advice" on what WARN, Severance and health insurance benefits to expect, is Not doing Employees any Fvck3n Favors!!!
The UK, Canada and Europe have better Employee protections and benefits. It's also much harder to fire or Layoff employees there.
If you are RIF'd then you will receive WARN notice pay (which includes benefits) for 60-90 days, depending on the US state you work in. On top of that is severance as well as PTO payout. Take the example below of an employee in Texas that has been RIF'd
Say this employee has a $100k salary, 2 years of tenure, and is paid bi-weekly. If they are laid off on jan 1, they would receive their standard pay/benefits through March 1 (WARN notice in TX is 60 days). This would equate to ~$12k (excluding taxes and other deductions). In addition to WARN notice, they would receive 2 weeks of severance for every year of tenure, equating to 4 weeks in this case or roughly ~$7.7k. On top of that, say this employee has 5 days of PTO that needs to be paid out, which in this case would equate to a weeks worth of pay, or ~$2k.
In total, this employee would receive pay around $22k over 60 days just for getting laid off (again excluding taxes and other benefits deductions).
Hopefully this helps calm you
One year severance would world for me. Year ago I worked for a Pharma co with a plant in Berlin. Went there for a week and man they had it good. Everyone shows up at 9 leaves at 5, people at my level all had co cars, beer on tap in the cafeteria 6-8 weeks vacation. Best of all if you got fired 1 years severance.
Define what is Proper severance ?