Thread regarding Bank of New York Mellon Corp. layoffs

@2imr, plenty of severance plans pay monthly and discontinue once you find work. And those are much worse than SUB plans since you can't collect UE when drawing severance plus have to pay SS.

Also, I have a copy of a separation agreement that states SUB will end when you "commence employment with a NEW employer". So that would exclude employment you had while a BK employee. And you'd likely still be eligible for UE if your income was substantially reduced even if you continue to work a side gig.

Sub is not fully taxed as you do not have to pay into SS

Wrong Information

In reality Severance is better than SUB.
You lose SUB the moment you get another paycheck - however teeny it is (a W-2 a 1099-NEC). You cannot even do a Uber gig.
Severance is exactly what it says - You have severed yourself from the company for good. You get a lump sum (ofcourse taxable) but you can go and get a job the VERY NEXT DAY. It is actually a windfall.

Wrong Information

SUB pay is fully taxed - including FICA and Unemployment
I got the SUB so this is not second hand information
You get a paycheck as if you are employed. Only big difference is you cannot contribute to 401k and you do not get the match. You do not get the company provided LTD Life Insurance, STD.

Why are you being laid off for partially meets? I had people under me get that last year as well as this year and most Hr will require is an informal PIP. So theres more to it than just partially met

What is the difference between sub pay and severance?

SUB is based on years of service, but they can get around that depending on your specific situation.

Assuming it's actually a RIF (they won't call it that), and not an actual performance problem, then people should get it as long as they don't have other baggage.

SUB Pay is actually BETTER that severance.

Severance is fully taxable, plus it might hurt your chances of collecting unemployment.

SUB pay is NOT taxed at the federal level, and not in all states nor local. It can equal out to more then one and one half your pay depending on how many years you have.

I’m in the same exact situation. These fu----s are just trying to let people go without having to pay severance. Truly a sh---y company.