Severance packages have been consistently lowered over the years. In the past, being laid off meant receiving a decent safety net to help you land on your feet. While L3 doesn't offer the worst severance, it's definitely not what it used to be. And I dread thinking what it's going to become in the future.
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They fcked me over with severance. I worked for them for 18 years. 13 of those years were full time, and generally lots of OT. I had to go PT for the last 5 (but worked on the clock 29.5) I also (very d-mb on my part, I felt I needed to go above and beyond, and worked a lot off the clock, to get sht done, because of tight deadlines, so I would go back and work after my kid went to bed). When I was let go, they said I get no severance because I was now part time, the 13 years of full time 50+ hours a week service didn't qualify me for anything, not a dime. Then HR tried to tell them I had only worked there for 2 quarters, and wouldn't report my earnings for 4. The HR person even attempted to tell me that it didn't matter, I get paid for the highest 2 quarters. I had to explain to her that, it lessons my pay and weeks of unemployment. It took a threat of legal action to get her to fix it. Went 2 months with no income. They are so cheap. I am not surprised they are trying to keep people's FSA money. But hey someone has to pay all of the higher up's multi-million dollar homes and their vacation homes, mistresses.....
COBRA is expensive
60 days before you get severance is cruel, landlords won’t wait 2 months to be paid. Max unemployment in Florida is 275 a week. We did not ask to be laid off, if we signed the paperwork and the 7 day revocation period is over they should give us the severance so we can keep our roofs over our heads.
Why are people in upper management so greedy? They don’t care about human life just the paper money in their pockets and it’s just wrong. When people end up homeless because they couldn’t pay their rent we should put up tents in their parking lots so we have somewhere to sleep.
Just saying, we are human, we worked hard for decades, we didn’t ask for this.
I have a copy of the severence plan. 1 week per year of service, up to 52 weeks(it used to top out at 26 weeks). You have to sign the agreement to get it. Then in approximately 60 days, you will get a check for the full amount, minus 20% to the IRS(which can maybe be partially recouped at tax time). Then, you also get medical insurance at your current L3 rate, with one week per year of service also. Which we never had anything but full price Cobra under L3. The best part(if there is a best part) is that since you are basically being paid off, you aren't actually earning income, so you should be able to apply for unemployment right away. And, if you are in the "pension" plan, and are the right age, you should also be able to start the pension payments up.
How long do they have ti wait to get the severance money?
1 week per year of service is laughably bad. that's downright disrespectful. what a joke
that's it?, I got 1 year paid health insurance when Raytheon RIF'ed me.
Who is getting an additional 4 weeks, I was told it is 1 week for each year! And the cobra stuff.
Oops cobra at employee rate for 1 week per year of service, then standard cobra rate
1 week per year of service plus 4 weeks. Also cobra at the employee rate for 2 week per year of service
Can someone elaborate exactly what the severance package includes?
One week of pay per years of service
And what else?