Out of curiosity, does somebody from Europe mind telling us what kind of severance packages are being offered to people laid off there?
I've heard we don't even come close to what people overseas receive, but I'm having trouble believing that the difference is that significant.
@cse You wouldn't have a copy of the documentation from 1994 would you? Turns out I may need it!
Does anyone know if voluntary redundancy is being entertained as an option in the UK? Or should [theoretical employee] have requested it long ago?
I’m an ex UK employee and started with Reuters this Reuters package.
It’s was 6 weeks per year (11 years * 6 = 66 weeks salary).
I was aged 50 so got 6 months notice period that is purchased as a lump sum from you.
2k towards training costs (regardless if you use it or not).
Bonus paid based at 10% aka 1/2 of bonus if you were April plus 6 months being layed off.
First 30k in uk is tax free.
You can also get redundancy paid tax free into an AVC (£40k limit , but you can use unused allowance from previous 3 years aka 120k more).
I wanted redundancy and volunteered at time.
It's great that sev packages are being compared and discussed...hopefully any Americans that read this can see the disparity in packages and more importantly healthcare. THIS is why the US should get Single payer system for healthcare that ISN'T tied to a job.
American companies don't want single payer...thats the only way they can get people to stay at c#$py jobs.
I am based in France. We get generous severance packages like the UK but the best part is that in addition that we get unemployment from the government at 57% of our last drawn salary and this lasts between 2 to 3 years depending on age. And of course, all European countries have universal health care for all at zero or minimal cost. We will not be applying for our green cards soon ;-)
In the US..2 weeks per year of service. 1 yr max...managers and higher levels get more. Oh....and here is the best part. You only have health care benefits while you collect sev package. After that you get to pay fully out of pocket for any continued health benefits under a gov continuation plan. Typically thousands of dollars a MONTH. Yes ....a MONTH. And if that runs out no health care and you are SOL.
Anyone want to immigrate to America and be part of the American dream? Don't all rush in at the same time...
So this means that if sev packages go away entirely later on...you get to pay thousands of dollars a month for health care coverage right away.
Any takers?
You have no idea the level of despair that people will have if sev packages runs out and still no job...and no healthcare.
Well, I stand corrected and really p-ss-d off right now. Thanks for answering, though!
Example for someone started employment with Reuters UK before 2009. Guesstimate figures approximate to give a ballpark feel. There's a 'redundancy matrix' somewhere on The Hub that gives the actual numbers.
Say they started in 2000 = 18 years service. Age 56 at redundancy (early December leaving date seems to be standard).
Payment is measured in weeks of salary. This person would get around top payout by age (declines close to retirement), so around 100 weeks. An ex gratia payment is also customary for being over 40 years old, of half a year. Overall north of two years salary when everything is balanced out plus a few bits and pieces like retraining grant. That's why some ex Reuters long servers in the UK in their latter 50s are pretty happy. It's a great way into early retirement. Remember earlier part of that cohort also had a great pension related to their final salary with low contributions and a high pay out for life. Those were the days when the union was strong... It's somewhat more humane in execution too. Many redundant folks will be coming into the office for another six weeks and sorting out resumes, making applications and so on. Not marched out the door. Nothing like as good for more recent hires but still a hell of a lot better than the US. France is even more generous in some ways. Some redundancies made there now may not take effect till Q2 next year.
As per Labour Code employees in Poland are entitled to a severance payment equal to:
the monthly remuneration, if the length of service is for less than two years;
twice the monthly remuneration, if the length of service is from two to eight years;
three times the monthly remuneration, if the length of service is over eight years.
In the UK, if you were employed after 1st Jan 2009, you get 1 month for every year served, up to a maximum of 12. If you were employed by Reuters before then, the terms are even better.