I got laid off on 15 Feb with termination date 15 April.
I want to get my severance package now and leave but the letter says I can't sign the WT document before termination date.
HR saying I must wait until termination date. Anyone else facing that? How did you deal with it?
12 replies (most recent on top)
LOL, @2fkg+1rbk0VzI, you think I'm a dirtbag lawyer? If only I made the big bucks that lawyers make.
I simply stated a fact that, by keeping people as an employee for 60 days after notifying them, Cisco has met the WARN requirements. Most of the LRs had a "pay in lieu of notice" component and affected employees were forced out w/o an opportunity to look for lateral moves into other open req's.
But go ahead and call me names. Shows how ignorant and childish you are.
Its not cool if a company is found by the court to be evading the WARN requirements — which at least 10 states have in place: https://www.purduegloballawschool.edu/blog/news/companies-test-warn-act-layoff-requirements
Lawyer up.
Looks like we identified the dirtbag lawyer @2wnj+1rbk0VzI
@2ake+1rbk0VzI, how is it a technicality? If you're given 60 days notice that you're losing your job (Feb 15th to Apr 15), then the 60 days notice required by WARN is met.
I'd argue that the way they've been doing it before by keeping you as an employee for 30 days and then paying you for the remaining 30 days "in lieu" of notice is the technicality because you lose all the employee benefits of 401(k) matching, the company match for health care premiums, ESPP (if the termination date comes shortly after Jan or July instead of before), etc. But no one has challenged that technicality yet.
Frankly, I'm surprised by Cisco keeping them as employees for 60 days, but I guess that makes Cisco look better by giving affected employees more time to look for internal roles to avoid being cut, but we all know that the number of employees who manage to switch roles and stay is negligible compared to the number who are forced out even when you don't consider the number of affected employees who don't even try to look for an internal role and just leave w/ their severance pay in their pockets.
Might be written that way by the dirtbag lawyers who are trying to find away around the WARN notice requirements of some US state governments. They could then claim not to have to publicly post the layoff in advance because they met the 60 day requirement, via a technicality. The State of California and others would not be too happy about their lack of transparency and manipulation of employees’ termination agreements, if indeed this is the case.
You can sign it at any time. BUT, the day you sign it is the day your employment officially ends. They based the "in lieu of notice" pay on the 15 April date, so you forfeit the pay between the date you sign and April 15.
Why rush? While you're an employee, you're getting paid every 2 weeks and Uncle Sam is deducting taxes at the regular rate. The lump sum payments get taxed at a much higher rate (33%?) so you get less of the money until next year when you file your taxes and get your return, so again, why be in a rush to get LESS money?
There's nothing preventing you from interviewing and finding a new job now while you're still an employee. In fact, you can tell your prospective company that you're looking to expand your skills, want advancement, whatever, instead of saying you were LR'd because you haven't be terminated yet. Double dip when you find a new job and sign the paperwork on Apr 15 and turn in your laptop then.
The best things in life are free
But you can give them to the birds and bees
I want money
That's what I want
The moment you are notified, you are out. They say "be available for questions from others who will be taking on your work" but that is up to you if you want to help friends stuck with your new workload. Grab a new job now, double dip or vacation for a bit then restart. Its just a matter of when checks get cut - take the earlier package and be done. Dont sweat it. Listen to today's Nvidia call - how companies need to deal with rationing supply for the high demand, look at stock growth of most IT companies vs. the stagnant CSCO for last few years... imagine if you had new hire options, that doubled/tripled/quadrupled in your first year. Then step back and realize what you have been missing working at CSCO. Join a company and be refreshed!!
Rest and vest..... use the extra time to look for work.
Relax buddy, I want my MTV.
Depends on country. My contract expires offically end of April and I can get my severance package in May. However I had to send back the signed severance agreement within few days back to HR.