How soon after signing the agreement does severance start?
10 replies (most recent on top)
I was in Cali. Severance starts when you are let go. I had to send them my paper work after they got it I got paid a month along with UE. Its not a lot, but better than a fat $0 I got it with UE for a month was a nice big paycheck. I got no complains here.
I received my first severance pay today. Thank you so much Eddie. Now I'm starting to like you!
Will see if the Fed will pay me next week since I already exhausted the state UI. Money come rolling in without working. No wonder those people in south side of Chicago don't want to go to work. I am getting used to do nothing and get paid. Hope our new president Biden continue this tradition. So much freebies. Easy making money from stock market also. I love this country.
In Illinois severance does not impact unemployment
"Wages in Lieu of Notice
Wages in lieu of notice are wages paid or payable by an employer to you. There must be an employment agreement, a statutory requirement or a uniformly applied company policy which requires that the employer give the employee a definite period of notice before a layoff or separation. The employee must be laid off or separated without the required notice. The employer must pay the employee a sum equal to his regular wages, or an amount computed in accordance with a formula which is based on the employee's past earnings, for the required period of notice.
If you are receiving severance pay based on years of service or work, this question should be answered “No”. Severance pay is not considered to be wages in lieu of notice and is not disqualifying for unemployment insurance purposes."
You probably can't get UI in any week that you have income, like from "transition" pay
@1knf - Not true, it depends on the state you live in. In some states severance has to end before you can start collecting unemployment benefits.
You can get unemployment plus severance.
It is confusing why they wanted me to sign and send it back a form if they will pay me anyway? I'll wait until after mid October before I send the signed form back. My state unemployment have not expired yet. If I received my severance pay the state sure will stop its obligation. I got to milk the system as long as they allowed. Heck another $600 per week is coming down the pipe. Who wanted to lose out on that?
How did they find out he had a job? That’s kind of shady to ask for the money back I’d say.
Technically, it's Transition Pay and not Severance so it continues on your next paycheck until it is exhausted. It will also stop if you find another job and Sears finds out about it. That happened to a former colleague and friend of mine. They actually wanted some of it paid back. Again, it's Transition Pay and not Severance. Read all the paperwork carefully, especially the fine print.
It starts at your next pay cycle. Your paychecks will keep coming like always. Until it runs out of course.