From Verizon:
Severance pay calculation - The program formula: If you become eligible for benefits under this severance program, your severance pay amount is calculated using this formula:
Your years of service TIMES
Your weekly compensation
TIMES 2
My severance document is split into “State Required Severance Pay” and “Final Severance Pay” - it looks like they’re using the NJ WARN Pay as part of the severance instead of in-addition-to. That doesn’t seem right?
Total severance for 14 weeks should be 58,816.10 and not 58,144. The math is off, question it.
???
@b6 on 2/20 I will get my last paycheck from the 90 day notice. How are you reading my numbers? Will the severance to be paid to me after I am off payroll on 2/20 be $58144 or $29072? As of 2/20 all NJ state mandated payments would be complete. If so why break my 14 week severance pay into state mandated and final severance?
Our paystub address is NJ but working in CA, does this mean we are under NJ regulations too?
@b5 not sure I follow. You're employed and paid until 2/20 (i.e., 90 days notice) and after that you get $58k of severance (14 weeks of pay for 7 years of service equalling 2 weeks per year.) What is missing that should be paid in addition?
I was curious about the numbers so I am sharing my numbers below. My last day is 2/20 and I would have expected that after my last day I will get 14 weeks of severance. I doesn't seem the numbers below match my expectations
Total Annual Compensation: $218460
Weekly Pay: $4201.15
Years of Service: 7
Severance Benefit Period: 14
Total Severance Pay: $58144
State Required Severance Pay: $29072
Final Severance Pay: $29072
@ad do you mean that employees in NJ will be receiving severance as 3 weeks/ year of service(still capped at 35 weeks?)
Interesting, can someone in NJ that was impacted share their exact numbers/calculations for others to learn. Sharing is caring!
go for class action
My understanding of WARN NJ…
Verizon did not meet the 90 day requirement covered under WARN NJ.
Instead they opted to pay the penalty: an additional 1 week/salary per year of service + an additional 4 weeks severance pay.
This should be in addition to the Verizon severance package.
In closing, because Verizon didn’t provide the 90 days required under WARN NJ, they’re obligated to pay a mandatory severance penalty, 1 week/year of severance, PLUS 4 weeks.
It’s still a good idea to have the documents reviewed to protect yourself and have all questions/concerns answered.
Verizon "Special Fees & Taxes" section
Now you see how Verizon scr*ws their customers with favorable calculations for the company!
P.s., Can anyone say "Regional Sports Network" charge?!