I got two partially meets on my EOY review and am fully expecting to be part of a RIF in Q1 of ‘25 or put on a “PIP or leave”
I’ve been working here for a year, what can I expect in terms of severance/sub pay (granted I even am provided this)? What do typical sub pay rates look like? What’s the duration of this package?
2 weeks for each year of service, rounded up. Max of 52 weeks and the following minimums:
AA to II - 4 Weeks
E to F - 4 Weeks
G to I - 8 Weeks
J to L - 12 Weeks
M - 24 Weeks
Senior Leadership Band - 36 Weeks
It depends on your pay grade, for example VPs get three months regardless of tenure. I know a colleague was given the option of the same subpay when he was put on PIP. Regardless, don’t let them control your destiny and start your job search now.
I don’t think you will be eligible for sub pay if you are terminated for work performance (rather than layed off). Even if you do get sub pay for dome reason it won’t be much. If I were you I would start job hunting ASAP. My sub pay is one week hit every year so because of my longevity with the company, I’m set for a year.
The SUB and its associated minimums are only if you are laid off (I.e. reduction in force). If you are subject to a PIP or Go the SUB doesn’t apply. When I had to put an employee thru the PIP or Go process they got the choice of 12 weeks salary or taking a shot at improving - though it is was made clear to me as a manager that no amount of improvement would acceptable. If you choose PIP they can decide at any point that you’re not improving & can cut you immediately for cause - no further weeks salary or notice & you’re not eligible for unemployment. In either case when you exit you have to sign something that acknowledges you are not eligible for re-hire at BNY. If you take the 12 weeks they will not answer if you are eligible for unemployment and you might find that they contest it. It is harsh and not fair unless the employee really was terrible - unfortunately with mandates to give partials to a percentage of each group they’re subjecting good employees to this horror show. Saves them money both on SUB and 401k matching.
There are also minimums based on your pay grade
1 year equals 2 weeks sub pay.