There had been rumors that the severance package will be reduced next year, driven by expense and the cash situation. Anyone insights?
16 replies (most recent on top)
Will go to zero in the US. Why? Because it can.
@OP not true. It's just a rumour
Yes, it's reduced to ZERO
@aw not true. It's the most in Canada and I hear it is def not 2 years per year tenure there.
@bn planet UK 🇬🇧 🇬🇧 🇬🇧
Different laws in Europe making it costly to make workers redundant and pay expensive severance. Easy to do in the states. That's why you see bigger layoffs in the states. That's real equity for ya. Keep up the good work Kimmy!
UK do statutory which is
You’ll normally be entitled to statutory redundancy pay if you’re an employee and you’ve been working for your current employer for 2 years or more.
You’ll get:
half a week’s pay for each full year you were under 22
one week’s pay for each full year you were 22 or older, but under 41
one and half week’s pay for each full year you were 41 or older
Length of service is capped at 20 years.
Your weekly pay is the average you earned per week over the 12 weeks before the day you got your redundancy notice.
@aw What planet are you on?
Why would they think that anyone would work hard for these clowns when the only strategy has been to eff the employees who've stuck around. Senior management is evil.
In the US it's been 12 weeks max, last I knew. But Xerox does need to follow EU regulations, so EU employees probably get a much better deal.
@aw
Does that max out at a certain number of years? They aren’t going to pay someone with 25 years 50 weeks I don’t think - thanks for your insight
@az depends what county. Doesn’t sound American.
@aw what country are you from?
@aw In the HR documents themselves they prove this to be untrue. MAX is 12 weeks
Everyone keeps saying severance will never be the same - for the past five years it has been 2 weeks base salary for each completed calendar year, then 13 weeks notice period at pensionable pay ( check your ESAP HR portal for this amount ).
To those of a certain age, take the tax free payment, put the rest into your personal pension - you might get a nice surprise when they top up some of this with extra money too.
Are sure you get the most out of your exit process.
It can't get much lower than it is