Has anyone heard or seen on news that WF wants to make some changes to the severance depending on how close someone is to retirement?
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Experience requirements.
If a position seeks 10+ years of experience, it is ok to use that to rule out recent college grads.
"It is not illegal to give preference to older workers. It is illegal to give preference to younger workers. Read and understand the law."
Please provide a citation.
So you're aware, anytime you're seeing wellsfargoshitshow being tagged someone from the top is looking. These hash tags make the risky posts easy to track (and easier to misconstrue the narrative of how thousands of people are being sc--wed by this place). I've noticed that hashtag being used on posts that ended up being removed by moderators. The patterns are all very clear and you're better off not going on here. Save yourself the time and just find a better job elsewhere and never do business with Wells Fargo. I laugh at the job invites I'm still getting from recruiters who can't fill any roles with this sh-t show of a Bank.
"Nope. Would be illegal (discrimination)." It is not illegal to give preference to older workers. It is illegal to give preference to younger workers. Read and understand the law.
Nope. Would be illegal (discrimination).
Exactly. And really the only reason companies even offer severance to begin with is to head off wrongful termination lawsuits that can be enormously costly even if they don’t have merit just from court expenses alone. That risk doesn’t go away just because they’re doing more layoffs, in fact it’s arguably bigger.
I just saw a video where I learned that some companies offer a reduced amount of severance (say, 75%) when you elect a lump sum payment.
https://www.bnnbloomberg.ca/investing/video/how-to-choose-between-a-lump-sum-payment-and-salary-continuance-upon-termination~2791731
Wells does not do this. Yet.
Yeah and Santa Claus, the Tooth Fairy and Easter Bunny are all real too!
I heard the same thing
You mean the one where they double the severance if you’re close to retirement so you retire early? Lol
Severance change rumors pop up a couple times a month, every month since at least 2021.
No. Nobody has ever heard of that happening unless they read these forums.
Sounds similar to stuff they've been doing. Not the smartest HR.
someone mentioned it but my guess it's a bullsh*t rumor to cause anxiety
Is this the same rumor that's floated around for a couple years?
Yeah, post the article. FYI - this has to be done a year in advanced and approved by BOD for the start of the fiscal year. If it was specific to retirement age the bank would open themselves up to lawsuits. Sounds like a lot stirrer post.