When let go, do you automatically receive a severance package? Or only if your position is eliminated? My department is terrified with a new boss coming in and we’re all wondering if we’re let go how that all works.
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the 401k match......
You do lose the match if you are part of a layoff and the match hasn't met the vesting period. That really stinks. I guess that's pretty standard but it seems a little nasty seeing as layoff is not your fault.
@ea No, it doesn't. This is Cengage, They eliminate high-performing teams all the time and leave their colleagues to pick up the pieces. Leadership aren't the ones that have to deal with the fallout.
@OP That says more about your department than anything else - what are they terrified of if they are a high performing organization?
It's not guaranteed but the HR package/intention is to be pretty humane, IMHO. Depending on what state you are in, they will also pay out any accrued PTO. Good luck!
My role was not eliminated, but moved to India, and I got a severance. There is a cap on how many weeks you get. It used to cap at a year, but now it's less than that.
You get severance if they let you go and it’s not for performance reasons. Usually, this happens during an organized reorg/layoff. Last I heard, severance was 2 weeks of pay for every year worked. You also get career coach services to help you find another job.