Is the buyout weekly based off your base pay before the sti or after. So if I make 100k on paper including sti will they base my weekly off that amount or 88k is which is what my 2 week salary is based off of.
And before anyone says it’s not true... let me tell you it is. My vp and director told my region Friday. Gave us minor details will all know more tomorrow I just don’t feel like waiting lol.
Actually when Verizon calculates the severance for RIF, it is always the base pay plus STI. Lets say, if you base pay is 100K and your STI is 20K ( 20% for band 6), then your weekly will be 120K (100+20) divided by 52. And that would be multiplied by number of years times 2.
On top of it, you will get prorated STI. For band 6, it will be about 66% of 20% (about 10.6% and not the target 20%). Plus you will get accumulated vacation days that are unused. You will forfeit any personal days ( except in few states where it cant be forfeited).
It's a pretty generous package as long as one is prepared and can find a similar paying job in few months.
It is your standard pay, your STI is not guaranteed money
Hans is Thanos.
Base salery/ 52 = you weekly rate. In a standard layoff this is multiple by two weeks for each year. Sti is prorated and commissions have a different payout based on the type of commission plan you are on. Search about you for a document dated April 2018.
I am like you in that I don’t want to wait to start thinking about it. I am also paid every two weeks. Which is only 24 pay checks per year but makes up a year salary So I have taken the base pay and divided it by 52 to get a true weekly value then multiplied the weekly by 60 and added sti and hopefully vacation.