Thread regarding Wells Fargo & Co. layoffs

if I get a chance to go back as a contractor after being laid off, will severance benefits get cut?

this is a hypothetical question, but it is good the answer to know if the opportunity arises

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Post ID: @OP+1rErqPTU

13 replies (most recent on top)

This situation actually just happened to me. I was given my 60 day notice in 10/23 with a term date in 12/23. WF is now hiring contractors for my exact position. A recruiter reached out to me, but then told me WF requires a 6 month “cooling off” period from the term date. I would not be eligible to return as a contractor until at least 06/24.

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Post ID: @2duf+1rErqPTU

Make sure you read the terms of the separation. I'd think that if you come back as a contractor AFTER your 60 days, you'll end up getting a lump sum payout of your severance since you found a job during severance. You shouldn't lose your severance b/c you're no longer an employee and found a job with another employer-- it shouldn't matter that you're a contractor. That said, I'm not sure if any policy applies where you leave then come back as a contractor.

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Post ID: @1kpu+1rErqPTU

Read Appendix F of the Benefits Book.

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Post ID: @1kbr+1rErqPTU

why in the world would you want to come back?
WF is smarter than you think if YOU think you can double dip working at WF as a contractor as a severed employee...

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Post ID: @jtz+1rErqPTU

@zoq

It's not based on your work email address. It's based on your employer. When contracting, WF is NOT your employer -- your agency is. You receive payroll and W-2s/1099s though your agency, not WF.

So, YES, you can contract and receive severance as long as you're beyond your 60-day notice period (bc during 60-day notice period, you're still a WF employee, whether it's working or non-working).

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Post ID: @ura+1rErqPTU

@zzk+1rErqPTU you are missing a huge point...... contractor will receive a WF email account and guess what? bye bye any remaining severance. I wish I could tell you the name of the person this happened to!!

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Post ID: @zoq+1rErqPTU

One would assume that after the notice period, you are being hired as a contractor through a third party which will handle your compensation, not WF. Severance from WF has no bearing (would be protected) on the agreement held between WF and said third party.

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Post ID: @zzk+1rErqPTU

It’s addressed in the faq for the severance package

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Post ID: @gug+1rErqPTU

Aside: Six months is mentioned below as the policy delay but I think that’s for contractors that term out. For former employees, I thought it was a year. Never mind exceptions can be made if you are a valuable special person who still got laid off.

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Post ID: @fks+1rErqPTU

There must be a 6-month break between your employment or end of severance before you can become a contractor.

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Post ID: @swk+1rErqPTU

Yes! If you come back to WF in any capacity your severance ends. Before you accept the job offer definitely read the terms in displacement packet.

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Post ID: @old+1rErqPTU

Yes, unless you get the job after the 60 day mark. After that it does not affect your severance.

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Post ID: @kwr+1rErqPTU

No.. if you join the contractor after the notice period.

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Post ID: @pdk+1rErqPTU

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