Does anyone know if FIS pays severance in lump sum or as paychecks? If the latter, do they have a clawback clause if I’m employed during severance pay period? Im anticipating to be on the next round, trying to plan ahead.
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@j I knew I was going to get laid off because they cancelled the project I was working on, and didn't give me any other work to do. I was basically waiting for my severance pay. One day, my manager told me he wanted to connect with me at 8:30 in the morning, and I knew right away my time had finally come. Now I don't have to wonder if today will be the day, so my stress level is much lower. I am considering retiring since I am at my full retirement age, but I might try to get a part-time job if I get too bored at home.
@ds I was a software developer in the leveraged infrastructure group under CIO. I survived the big cut in March when I heard 2-3k CIO, TechDev, and PS people got laid off and rebadged. I count myself lucky that I didn't get rebadged and lose my severance pay.
I was laid off this time last year. I received a lump sum payment.
@a4 how are you doing?
@a4 What group?
@a4 this is super helpful thank you.
@OP I was notified of my layoff two weeks ago, and my termination day was yesterday. My severance pay will be paid out twice a month, as my paychecks were. The severance agreement states that my severance pay will stop if FIS rehires me before the end of my severance period.
Current understanding is that lump sum payouts are gone. Any severance is being paid out on the same schedule as payroll. This is because FIS cannot afford, or so they say, to payout lump sums anymore. Think about that. Anyone laid off is entitled to their full severance (please consult an attorney). Just because you may be receiving it on a schedule instead of as a lump sum payout should not mean that it would be stopped if you gain employment. Don't forget to apply for unemployment as well. Also, don't forget to adjust your tax withholding appropriately to avoid any tax issues next year.