Or has it shrunk over time? I'm mainly wondering if it's possible that it will be reduced again in the future if something like that happened previously.
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It used to be one month per year, capped at 24 months of severance. I believe the cap is now 12 months severance since I got laid off after 39 years and got 60 days paid notice and 12 months severance.
It use to be a month for every year
After the 60 days notice expires can we just take our severance package in lump sum, I am working on taking some courses. And updating my skills. Can someone give me a little more clarity. Conflicting stories. Thank you in advance.
They are changing to to 1 day per year of service, capped at 24 days.
Every year the fearmongers try to convince everyone that it is changing, but it never does. The entire severance policy is published in the appendix of the benefits book.
1 week per year of service.
These people saying the WF side has always been 2 weeks per year are incorrect.
Legacy FUNB and WB got a max of 16 months for 25+ years of severance, no matter what you made. After about 20, you got 12 months.
Around 2012 or so (well after WF bought WB), it went to a grid based on time + 4 different pay grades.
Some time after 2016, it went to 2 weeks per year. I remember this because I had 10 months built up at the 15 year mark but had less than that after getting laid off with 20 years in.
No. It used to max at 16 months for 25 years and above.. I don't recall what year it changed but it was still 16 months in 2011 and 2012. I believe it was "right-sized" to match the industry standard that we have now.
Man, I can't recall the details......
When I got tossed the first time after 7 1/2 years of dedicated service back in 2001, I think I got 10 months of severance...... with none of that '60 days' business. My mind fails and I cannot recall since I finally my first severance stuff away.
Anyway,
Cheers!
It’s been 2wks/year but the max payout has changed a few years back.
It has been 2 weeks per year for over 20 years. However, what is different is that you are considered terminated after the 60 day notice. That did not use to be the case. Also, the annual 401k match is relatively new. It used to be monthly then quarterly. Now you must be considered an employee on December 15th. That is why so many of us will have our notice period end before that date. I realize it is the company's choice to provide a match, but this practice of taking that away while our CEO makes millions seems cringy to me.
It's been the same as long as I can remember going back to when I was displaced over 10 years ago. Always been basically 2 weeks per year, 60 days notice with some combination of working/non-working. When I got laid off it I had 30 days working/30 days non-working. But oddly enough they didn't turn off my access in the 2nd 30 days and managed to find a job w/in the company. My leadership at the time was actively trying to place me somewhere b/c even they knew the layoffs at the time were BS.
Been a while since this board was trolled with the severance adjustment post/question.
I seem to remember them putting a cap that didn’t exist before, but it would only affect people that have been her for about 20 years or more. That change was a long time ago.
I have been under the WF brand for 25 years and it has always been 2 weeks per year. I can't speak for the banks that were acquired under that brand.
Used to be a month per year of service, but it depends on what 'legacy' bank you came from. Lots of mergers over the years.
been the same as long as I can remember, if it was to change you would see it towards the end of the year when they update the benefits book.
It has been the same since I've been involved with the company, over 20 years now but that is the ongoing concern for those who are waiting for our layoff. They could make changes to cut costs.