It is 2 weeks for every year of service, and doesn't include the 30 day notice period. Medical benefits are also included 2 weeks for every year of service, and STIs/LTIs are prorated and paid out as part of severance. Any unused vacation is also paid out.
It's a very generous deal, and I have an opportunity to take another position in the company but honestly I'm not sure I can afford to. Walking away with $120k+ in parting gifts is a pretty great deal.
No it's not taxed at 40%. It's taxed at 25% as is every bonus or commission over $5000. It all evens out at tax day anyway.
Managers in b2b sales make over 200k, and more in wireline. And managers who were in sales at one point tend to have salaries over 200k.
It's not unusual at all.
Read your package. It is taxed at 40% for your severance and your vacation payout. Vacation is usually paid out with your final paycheck if you send in your severance paperwork a full pay cycle before your last day at work. It takes the better part of a month to six weeks to get your final severance payout depending on when you submit your paperwork. It does not go through right away. You will not qualify for unemployment until your severance time runs out. So if you get six months or 26 weeks of pay, you have to wait until that date to qualify for unemployment. Also, your insurance will end on the date of of your weeks. So if it ends mid month, you will get a COBRA bill for the remaining days in the month. You are not covered for the entire month! Your effective dates for your insurance will change. If you last day is May 5, your insurance will reflect a May 5-? effective date for coverage purposes so you are truly converted to company paid COBRA even though your policy numbers do not change. Yes, life is better on the other side. Dig deep on your resume. VZW taught you some great skills and gave you some great training. It may not seem like it today. There is a company that is willing to pay you more than VZW to do a great job and will appreciate what you bring to their company.
I know many store managers with a base over $100k. But they've been with the company a long time. I would say it's typical a store managerito make 90k-100k after commissions. But I know 3 that were over 160k in stores that were average at best.
To the person saying a manager makes 200k....what!? What manager is that lol I'm a gm and had time as an acting DM and know the pay scale. No manager gm / sm / DM is making 200k
It's definitely 120,000 for my package. I've been with the company for 16 years and held a management position. Directors with LTIs typically get anywhere from 500k to 1 M, so the higher severance packages are more common than you think.
$120k isn't high at all. A manager makes around 200k, and if they've been there 15 years the package would come out to about 120k plus vacation. It's not high at all for management and higher.
As a manager and witnessing a store closing the most I ever saw anyone get was right at $50,000 and she had been with the company 19 years so there is no way a hundred and $20,000
When I got RIFd someone in our department (who is as dumb as a box of hair and lazy) offered to take a package and HR denied it. Instead they laid off more tenured, valuable employees who didn't want to leave just yet.
If you take the package, you can't come back for six months. You make out at 35 weeks of severance and medical for tenured employees.
This is the standard Verizon separation package. Hasn't changed in years.
Yeah 120k seems a little high...lol
You can (in theory) get another job with VZ once you take the package. If it is within the period covered by severance payments, you need to repay the "unused part", e.g. if you got 10 weeks of severance and returned after 8 weeks, you would need to repay the two weeks. If you rejoined after 12 weeks, nothing to repay.
Is HR accepting Volunteers for RIF? I'm a long tenured B2B sales rep that is not being impacted by today's layoffs but I would gladly take the severance package offered above. Any help or ideas is appreciated.
Are LTIs for director and above?
2 weeks for each year of service up to 35 weeks max. Plus unused vacation, adjusted STI/LTI. Personal days are also paid out in some states.
Can you come back to VZW at a later date if there is an opening once you take the package?
How long have you been with the company for your severance to be 120k
What's your position?
Don't walk ----- RUN away as fast as you can!