Do we know for sure that people involuntarily laid off will get any severance at all?
Do we know for sure that people involuntarily laid off will get any severance at all? After all, it's not legally required. Maybe the layoffs won't cost GM anything at all.
Interesting point by @XfbMAsk-ivm. Does anyone have any info on this?
Please know that during the prebankruptcy major layoff HR CHANGED THE SEVERANCE POLICY and reduced it to 3 mos severance instead of 6-12 months. The fine print says they can change the policy ant time and during bankruptcy changed the severance policy right before they had to use it. Don’t count on the max. Start planning your plan b and job search now.
Yes, look on page 112 of the 2019 Comp ^ benefits document. You can find it on Socrates.
I have already helped hundreds of professionals and can help you with your resume, strategy and interview tips. It will only take 1- 2 hours. Reply to this and I will post how to schedule your skype meeting for this discussion.. cost is nominal...
You can compare voluntary severance to involuntary when HR provided written details of the differences. Separation date for involuntary will be March 1. For voluntary it is Feb 1. Only difference between voluntary and involuntary is separation is one month later and there will be a performance factor for bonus for involuntary. It was all spelled out in detail.
Again read the benefits package.
It says very clearly: 1/2 month pay for every year worked (no partials) up to a maximum of 6 months pay. So if you worked 11 months out of the year, that year doesn’t count.
You’ll get the bonus if you are separated on March 1st or after.
If you have less than 3 years at GM and are unvested you will only get the portion you contributed to your 401K. The GM portion will be removed.
These comments about bonuses should be given, bla blah blah are just nonsense. There is a rule in place and it is in your handbook. You can’t compare what the voluntary people got to what the involuntary people will get.
Those most likely to get ISP, older, 55+, who have worked their way up through pure dedication and hard work. But no! Apparently, execs don't see these employees who stuck with it through thick and thin, worthy enough to make it to a graceful retirement. Oh, except managers, of course.
Bonus is dependent on your separation date.
laid off employees will get 50% of their monthly salary for each year they have worked for GM (4 years=2 months salary, 6 year = 3 months salary) + Bonus + their 401K + 2 months health coverage + salary during the period (until they get totally separated).
You basically get half a month for each year for a payout of 6 months for those that have 12+ years. You will get benefits for the same period but will have to pay out of pocket. Basically you get billed for it.
i read the 2019 benefits as 50% pay(not benefits) for every year per month? anyone else?
50% of your base salary up to 6 months= 3 months only, plus pay for insurance. Basically nothing.
If you worked for 4 years, you get 4 months of benefits with 50% of pay. Hopefully this explained it well. Also you get bonus regardless.
Yes. Read your 2019 benifets package. It says full pay for 1 month per year you've worked here, 50% of your benefits... whatever that means. I think theyre being unclear on purpose... I'm really not sure if that means essentially 2 weeks pay for every year
Yes they will. The formula is based on years of service. One month for every two years of service up to a maximum of 6 months. Not sure if there is a waiting period for new hires or not. They come up short any way you look at it.