For those laid off and signed up for Texas unemployment benefits, how did your reciept of a severance package affect your benefits? Just curious, haven't received my severance but I do know it must be reported to the TWC.
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Severance is not supposed to affect your unemployment benefits. You have to report it when you receive it, and they will make you call to talk to a live person who will want more information on it. But the severance is paid in return for you agreeing not to sue them, and to honor the noncompete you signed when you hired on, etc. Baker may have paid you severance based on a formula of how many years you'd worked for them (like 1 week pay per year), but that is just a formula. It has nothing to do with "real time". The only payments that affect your UE is money that you EARN from work during the time period you are reporting for. The severance is not paid "in lieu of notice". Remember that, it is key. The severance is paid in exchange for you signing a Release Agreement, and nothing more. If it were paid in lieu of notice then it would indeed affect your UE. Also, your vacation pay should have come out on your last paycheck, so no worries there. And the bonus that we received is payment for work that was earned in 2014, so it doesn't count either. It was paid in 2015, but was earned in 2014.
I received my severance pay this past Friday. I was laid off on February 4th.
To 74592: I received some amount of money deposited into my bank account today. I don't know if that amount is included both bonus and severance. Hope we will receive the bonus payout letters and the statements soon, to see all the breakout. (got laid off on the Feb. 3rd)
I got my bonus but no severance pay....anyone else got their severance pay yet? got laid off on the 4th...
Every 2 weeks when you request payment for unemployment benefits you must answer a series of qualifying questions. Some of those deal with whether you received any payment for vacation, etc. during the time frame for which you are requesting payment. You would most likely not qualify for your unemployment benefits on the weeks in which you received any payment (severance, bonus, vacation, etc). You will not "lose" that week's amount from your overall unemployment benefit payments as in most cases you will simply extend the amount of time you can be paid unemployment before maxing out.
Not true. Severance is for past services, unemployment compensation is now. Apply right away as there is a one week wait.
I was told to add up the number of weeks of severance pay plus the number of weeks of vacation I was paid for, and that is how many weeks I would need to wait before UB would start - so I filed, but still waiting on benefits to start -
I was told to add up the number of weeks of severance pay plus the number of weeks of vacation I was paid for, and that is how many weeks I would need to wait before UB would start - so I filed, but still waiting on benefits to start -
It doesn't affect your unemployment. Haven't been laid off, but was in 2009.
Haven't received mine after a month