I don’t want to look a gift horse in the mouth, but with the job market the way it is right now, it isn’t unrealistic to expect that people laid off today won’t find new positions anytime soon. If we’re being kicked to the curb, the least they could do is provide a better safety net.
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That’s not their goal. The goal is to boost the bottom line. Your well-being is not their concern. Of course the employee survey would have you think otherwise.
I don't think the job market should have anything to do with the severance packages.
That said, I believe the Company has revised their severance formula sometime in the past 5 years in order to reduce the payouts. As I recall,the Level 27 calculation was previously 2 weeks per year of service, with a 26-week max.
Is it possible that the same company that recently reduced its 401K match by 1% has also become more stingy with its severance formula?
@b0 Good luck on that. We get 12 weeks of unemployment in my state.
You’re absolutely entitled to Unemployment!! Many states provide a decent amount and more if you have dependents. I look for states to be extending past 6 months as they did back in 2020 with Covid.
@aw 🖕
@OP you’re lucky you get a severance
It is not your employer's responsibility to supply a safety net. That is a Unions role.
Yes apply for unemployment as soon as you are eligible after your exit. It is only a small percentage of salary but you still deserve it. Most companies are also laying off right now so it is not a great market. Plan for best case and wost case scenarios.
Your state should have unemployment pool you can tap into. Do not let anyone tell you otherwise.