If anyone is comfortable sharing details.
16 replies (most recent on top)
@3gf which group were you in?
@nx True, but net tax when you file is the same and most get a refund.
@ah I think you mean 2 weeks per year, not 2 months
I was part of the 9/2025 layoff and had 13 years with Schwab.
The severance USED to be 1 month per year, but they halved it to 2 weeks per year. You get a 6 months of career coaching and assistance through LHH and 2 months of COBRA, as well as your unused vacation (i kept my vacation at max, so this helped.) You also get get your pay and insurance for the 60 days of notice.
So it's ok, I guess, but not great. The timing of my layoff was bad as Q4 of 2025 was not a great time for the job market. And Schwab will fight paying for unemployment. I was a Colorado employee so they lost this fight.
I'm still recovering from the utter toxicity of CSS, so I am now considering 2 different offers so I can avoid landing in another toxic environment. I have never heard of a manager telling a person that our layoff call was harder on them than it was for me. That about sums up working in the new Schwab.
The severance plan starts on page 168 of our annual report:
https://content.schwab.com/web/retail/public/about-schwab/SEC_Form10k_2025.pdf
It is also on file with the SEC:
https://www.sec.gov/Archives/edgar/data/316709/000031670926000009/schw-123125xex1043610k.htm
It is taxed like a bonus. Good luck!
I thought it was two weeks for every year you work
@dt thats a nice package. How many years at schwab?
@dt how many weeks and at what job level?
Jumpword: Severance
It is more than fair IMO - I was more than ready to say goodbye. Some info from my separation letter:
In addition to receiving your regular base pay and benefits during the Notice Period (sixty (60) days’ advance notice), if you sign and do not revoke the Agreement, you are eligible to receive a Lump Sum Payment that includes a Severance Payment and a COBRA Payment.
Plan Benefits if Employee Signs the Agreement
Severance Payment: $139,869.00
COBRA Payment: $22,104.60
Total Lump Sum Payment: $161,973.60
I think I will get paid for my unused vacation time too - the Severance Payment above seems to be just for the partial amount of salary.
@a3 Two months plus a week per year of service up to the maximum. You are also allowed 18 months of COBRA coverage but you pay for that and it is unsubsidized except for a small stipend. You should look at private or aca coverage. The package is a nice deal if you've been with the company for a long time. Most should want the package given how things are going. Hiring is slow, but you'll get a bump compared to the measly merit.
I am looking forward to Season 3. I will watch it in the office during lunch.
@a3 That's Severance, Helly.
It’s usually 1wk per year and all your unused vacation time
My previous employment was 6mos paid cobra then after that I had to pay. I haven’t heard how it is here.
It’s when they separate your mind in half so that half goes to work and half lives your life outside of work. Hope this helps.