@ar layoff severance has changed now! I was laid off a few months ago. You get your regular paycheck, benefits, and TGT discount for 60 days. Technically you’re still an employee during that period. Then you’ll get severance in one lump sum. It is 6 weeks pay as a base, plus one week of pay for each year of service (not prorated), and 6 mos of Targets contribution to your health plan. The severance is non-negotiable.
I have heard that if you are impacted you’ll lose access to all target systems on Tuesday and your job is done that day.
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@a6 the next 60ish days you remain an employee, but likely won't be asked to do anything other than maybe hand off some hand-off documentation, but a good boss will tell you that your focus should be on you and Target will figure it out. You remain available to Target to answer questions, etc., keep getting paid on the same schedule, benefits are the same, etc. until that 1/3/26 last day of employment.
Severance was a lump sum for the standard 16 weeks, plus 1 per year of service. It was taxed differently than weekly paychecks and nothing is taken out of it for 401K, healthcare, etc.
@a1 during the 2015 layoff, it was 16 weeks for everyone and an additional 1 week for each year of service. Not sure if people were paid for the 16 weeks or if it was a lump sum. Everyone laid off that day was done that day. They also got benefits for six months and access to a ton of extras like free classes at UST and elsewhere.
The previous severance was 60 days + 1 week pay for each year of service (max 26 weeks) and unused vacation (L5 and below) if you are of retirement age (55)?.
There was also a partial payment of Cobra for 6 months.
What I've heard is that it's 60 days (through Jan 3) + a week per year at the company (with no pro-rating for partial years)
For Severance? In the past it was something like 2-3 months +1 week per year at the company. I am sure other here can provide the actual specifics.