Thread regarding Wells Fargo & Co. layoffs

Sorry if I’m Captain Obvious here but…

I’d already heard the Tuesday after payday thing before so many times and never really thought into why. Then I was thinking about how many more paychecks I’d get if I got laid off next Tuesday, and I realized why that must be the day… Because of the 1-week offset between the pay period and the paycheck week, if you’re 60 days starts Tuesday after payday then it ends exactly at the last business day of a pay period. Maybe that’s something everyone already knows, but I hadn’t seen it said here before. If you’re in a state with 90 day notice I think it works too because then last day of notice would technically be the Sunday after the end of a pay period, so no still no partial paychecks.

A takeaway here is someone displaced who doesn’t get a new job before notice ends will get 9 more paychecks after the day they get notice, plus an additional paycheck for each year tenure accrued beyond 4. Add 2 more paychecks to that formula if you’re in a 90 day state.

by Anonymous
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Post ID: @OP+1tOF8hEc
Comment! It's anonymous!

6 replies (most recent on top)

@1xjj+1tOF8hEc

No, 9 more paychecks including severance, if <5 years. 10 paychecks total if 5 years, 11 if 6, etc.

You have to remember that you’ve already accrued 6/10 business days for the first paycheck when they tell you you’re displaced and your notice period starts. Then 60 days beginning on a Tuesday includes 44 additional business days, the last of which falling at the end of a pay period. So that’s the equivalent pay for 50 business days you are given after you get notice, aka 5 pay periods, aka 5 paychecks. Then you get 2 weeks severance (1 paycheck) per full year tenure accrued, or 8 weeks, whichever is higher. So that’s 4+ paychecks on top of the 5. Someone who’s been here 2 years will earn 8.4 paychecks more after notice, but will be given an even 9 paychecks after because they’ve already accrued 0.6 paychecks as of there notice day that they hadn’t been given yet.

by Anonymous
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Post ID: @1fix+1tOF8hEc

9 paychecks plus severance??? I don’t think so. Redo the math

by Anonymous
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Post ID: @1xjj+1tOF8hEc

Yes, I have seen this stated on this site before. I guess it makes things easier for HR and Payroll to not have to prorate any paychecks. Honestly, it probably is better for the displaced employees as well.

by Anonymous
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Post ID: @ydu+1tOF8hEc

@qxm I assume the same thing and I’m super disappointed in whatever admin has access to all these dolts’ calendars and can’t bother to spill the beans on things they know. Maybe I’m the snoopiest b tch there ever was though because once, I turned my camera on record and put it face down under papers in a shared office, went to the restroom and caught a wild convo. I also would call into bridgelines with a cell and my desktop, then when the call ended, and ppl stayed on to cont talking (mangrs), theyd hear my beep when i hung up but id be on my muted cell. You will never get a truthful answer from these leaders. I don’t care how wrong all this is. I need the truth. Where are the corp snitches?!?!?

by Anonymous
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Post ID: @gxr+1tOF8hEc

@qxm+1tOF8hEc

Me too, but it definitely makes sense that it’s because it ensures the payouts for both notice period and severance end with an even pay period and no prorating has to occur.

by Anonymous
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Post ID: @jua+1tOF8hEc

I always just assumed the powers that be had a biweekly meeting scheduled in Outlook titled "Time to make more heads roll!"

by Anonymous
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Post ID: @qxm+1tOF8hEc

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