People who were laid off yesterday, do you mind sharing with us what your severance package is?
I've heard Citi reduced severance drastically lately, so it'd be nice to know if that's true or not.
Also, do we know if there will be any more layoffs this or the following week?
90 paid day notice in NY required by law and 60 days in other states like NJ/Maryland. Check your state laws on WARN ACT. During those 60-90 days, you get the same benefits as employees. You lose them right after. For the most part, you also get unused vacation day paid for most if not all states.
After the WARN act notice period, you get a lump sum of 2 weeks pay per year with Citi with minimum 8 weeks to 26 weeks max.
You get 1-4 months of Lee Harrison Hecht outplacement services. The months depends how senior you are. Senior executives may negotiate higher servanance / outplacement.
Yes!
I just got hired at Citi in Sioux Falls, but don't start until May 19, should I be worried?
So I have heard, we get 60 days of paid unemployment, and then a severance package with the min 8 weeks pay.
How bad were the Irving and Jax layoffs? I know the numbers of a few locations, but curious how bad it was all around.
If you find a new job you get to keep all of your severance. The only scenario in which you would have to pay the severance back is if you accept a job within Citi or one of it's affiliates.
What site laid off this week??
So what about people that get over a year severance? They pay in a lump sum. It shouldn't be contingent on if you find employment or not. Are they going to keep track of what I do after they lay me off?
My friend who was laid off in December received a 60 day notice (don’t report to work but stay on the payroll for 60 days), then AFTER the 60 days she got the lump sum payout of 2 weeks pay per year with Citi. With the stipulation that if you find a new job you have to pay back the difference. Meaning if you receive 4 weeks lump sum and get a new job in 2 weeks, you have to pay Citi back for 2 weeks.
They have been doing small batches of layoffs for 2 years. Yesterday just happened to be a bigger one.