Do you know if severance includes a prorated bonus (even if the planned bonus incentive is 50 percent this year)? Also - does anyone know if it will be pay through Jan 3rd and then 6 weeks + 1 week per year of service? Or just pay through Jan 3rd and 1 week per year of service?
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@OP In my 2023 RIF, I was notified mid-Sept, final day was mid-Nov. My package included 6 weeks severance pay + 23 weeks pay for years of service, plus L6 PTO pay of 3 weeks as I met retirement status. Additionally, I got a pro-rated bonus (75% of the then-calculated bonus) and 6 months of COBRA expense pay - however, taxes were withheld from that so it amounted to actually 4 mos of COBRA. I rolled my 401k into an IRA brokerage account along with my pension disbursement in full. The package also included out-service coaching and a resume Coach. Finally, I received a check of $200 as retirement award. Sweet.
Note: you will have 45 days to sign your Agreement. You can sign it any day from Day 1 to Day 45. They do not negotiate (because then they would have to be open to negotiating everyone's Agreement). Upon signing your Agreement, you have 15 days to rescind. Once the 15 days have passed, you'll go into the next payroll cycle.
@a9 yes, the 60 days is a separate thing from your severance. Technically those impacted will still be employees with Target for 60 more days with pay, benefits, and your discount; exact same as now. That is not a part of your severance. Severance gets paid in one lump sum and you won’t know the exact amount until you receive your separation agreement to sign on your last day. You’ll know what the package entails before then but not specific amounts. After the 60 days is up is when you’ll get more info about healthcare options, 401k rollover, options for continuation of life insurance, etc. I roughy I’d get more info upfront but I did not. I was also part of a much smaller layoff earlier this year so it could be handled differently for a mass layoff.
@a8 6 weeks in addition to paying with benefits till 1/3?
@a2 people laid off in earlier waves this year got 6 weeks and the years of service so I’d bet on that.
It is non-negotiable. I thought there might be some wiggle room but nada!
@a5 yup no I have no leverage. Just wanted to know if it was negotiable or standard to make an ask during mass layoffs. Thx folks
@a3 Unless you're god's gift to retail or you think you're going to bring a lawsuit against them just take the severance.
@a3 you have zero leverage, take it or leave it.
Can we counter our severance package? Or is it take it or leave i
Odds are no STI, no 6 weeks, just P&B till 1/3, then 1 week per year of service after with a cap of 26