My understanding is that SUB pay is 1 week for every year of employment but I've read some posts on here where people say it's 2 weeks for each year. Any ideas?
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For the person who commented “ it’s literally documented on MySource” - that’s meaningless when your manager and his manager have told you contradictory information. Do you assume all information is up to date or correct?
As an example, the last time I asked HR about the PTO policy I was given the wrong information.it takes, cross checking and quadruple checking to verify any policy- related information. And sadly, while HR should be the first source for this info, they have become my last.
As of this month it is still 2 weeks for each yr
@5jru- It's literally documented on MySource, right on the benefits page. If you worked here you might know that, but please continue with the BS.
Not false info. If you start collecting your pension while on SUB, they will stop the SUB payments. Once the SUB ends you can then start collecting your monthly pension.
Don’t spread false info. Having a pension does not impact Sub. Why do people post falsehoods to scare people?
Just an fyi to anyone who got laid off and eligible to collect on their pension. Do not apply as it leaves you ineligible to collect your sub pay.
@tny the other person posting about the package changing has been saying that since last year… I wouldn’t listen to them as they are likely here to stir the pot
Key word, current plan. Come Jan, it will be 1 week per every year of service.
@blt I actually checked the policy for this recently. It’s my understanding that if you held the part time job prior to being let go then it’s ok. If you were to accept a job after being let go then you forfeit the supplemental pay. Per the policy: new employment includes but is not limited to full/part/temp employment with another employer as well as self employment regardless of the duration of any such employment other than any employment which the employee can document began prior to the employees receipt of their notification of their separation date.
The policy says supplemental pay stops once ‘new’ employment starts so based on what’s in the policy, an existing part time job is not ‘new’ employment.
Hope this helps!
Does anyone know if you had an existing part time job outside of BNY and were laid off… does it affect your separation pay?
The way I was explained it, it's 1 paycheck for every year you have been there. So if you have been with the bank for 10 years, you would get paid 2x a month for 5 months.
…or the minimum number of weeks the grade level qualifies for, whichever is greater. For example, MDs qualify for 36 weeks regardless of their tenure.
An initial 2 weeks plus 2 weeks for every year.