How does the bank figure how much severance people get for their years of service? How much does the employee get for 10 and 15 years of service?
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@e5 what happens at 55yrs?
@se I think that's generally understood. But why even have a severance policy if you're going to do everything not to pay it you know? It's underhanded and gross. Especially the contractor clause.
“The’ll do anything possible not to pay severance”
In nearly all cases, there are no laws requiring a company to pay severance. Supplies to the bank as well. Paying severance is voluntary and not required.
@ec If your job is converted to a contractor role and you get to keep it, what probably happens is you start at the new vendor, they have you train Rajesh, and after 1 week, and your new employer (the vendor who you moved to) lets you go. So it's a lose lose anyways. no severance at all.
Last time I checked...
Minimum 4 weeks of pay, maximum 52 weeks of pay
Must be at the bank 1 year to get anything
1, 2, or 3 years of work (due to limits, mins, maxes above) = 4 weeks of pay
4 years of work = 4 weeks of pay
5 years of work = 5 weeks of pay
14 years of work = 14 weeks of pay
15 is the magic number where it jumps to 2 weeks of pay for each year
15 years of work = 30 weeks of pay
16 years of work = 32 weeks of pay
again it caps at 52 weeks of pay (26 years of service)
27, 30, 35 years = 52 weeks of pay
Short team bonus is prorated. If you work 8 months into 2025 and your last day is August 31, that's 2/3 of the year. You get 66% of the target rate you get for your grade.
Grade 14 is 15% I think, so if your salary is 100,000, take 100,000 0.15 0.66 = $9,900 paid out
Any remaining long term bonus sitting in that special holding account, not vested gets paid out (grade 14s and up)
Any remaining unearned tuition reimb. is forgiven.
I don't know about 401k, pension though.
ALL of this is thrown out the window IF they deem your layoff as shifting to a contractor company where you get a job there doing your old job - "we will let you transition to the contractor company who will take your job, and since we were so wonderful in finding you another job, at lower pay, we get no severance, but your years of service resets to 0 with that new vendor"
Now any of that could have changed or may change tomorrow and all get set to "you get nothing".
It doesn't benefit anybody to be here past 15 years or over 55 if they think severance is icing on the cake. 12 weeks or even 26 weeks of severance is not going to rescue someone laid off in their 40s-50s.
I was level 15 with less than 2 years. I received the minimum according to the severance plan which was 12 weeks.
@cm they're never going to do this though because it's too expensive. It's a fantastic idea but they'll do everything possible not to pay severance.
A volunteer severance program would be a good idea. Older workers nearing retirement could take the buyout and the bank reduces risk for protected class legal action.
Type in the google machine "U.S. Bank Severance" and you can find it.
15 years would likely get 30 weeks and 10 years would likely get 10 weeks depending on pay grade the minimum might be higher (for the 10 year person). You would also likely get a prorated bonus
@a1 This is the exact website to ask this question. Severance and layoffs go hand in hand. @OP You need to review the Severance Plan Description on the Total Rewards website. You can find it by typing Severance in the search bar of the site and you can view what the policy is based on grade and years of service. There are minimums and maximums.