Thread regarding Citigroup Inc. / Citibank / Citi layoffs

To make it clear how severance works...

To make it clear how severance works...

to make it clear how severance works... Citi's policy is 2 weeks severance for every year of service. You get your severance less withholding (taxes) after the 60 day notice. 60 day notice is required by Maryland law. In many cases, they are sending people home for 60 days at full pay then you get your severance in one lump sum. After you get your severance you have to wait one full week to start receiving unemployment. Unemployment lasts up to 6 months in PA and 6 months in MD. For more about how much you would get in unemployment payments, just look up how unemployment payments are calculated in your state. They are not reducing severance packages as some have suggested. After the crash of 2008 and all the layoffs that Citi did in those first few years, Citi changed their severance package from 4 weeks for every year worked and made it 2 weeks for every year worked. There have been no changes since. They would notify all employees in writing if they changed their severance package.

Bumped thi from @WxGbudy-2sacd . Thought this was some good info for those that aren’t familiar on the matter.

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Post ID: @Z0nqAk7

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It's policy has changed and different regions within the world have different legal agreement. There was a compulsory kind of document that had to be signed that would put the 2 weeks a year agreent changed to 2 weeks a year for the first 5 years of service and 1 week for every next year there on. So, the guys who were let go or who worked their way to be let go before 2018 received 2 weeks for every year of service and some guys in mkt had mandatory 3 month garden leave paid and others had 2 weeks per year of service. All had leave paid for but starting 2016 , I think no longer leave can be carried over a certain limit.
Have a look at the agreement letter , some have got theirs updated through some online form like out of compulsory measures.

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Post ID: @Z0nqAk7-1Msrl

Yes to unused vacation. Not sure about accrued sick days.

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Post ID: @Z0nqAk7-blgx

Can you confirm if Citi includes unused holiday and sick time in the severance packages?

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Post ID: @Z0nqAk7-azpk

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