With the coming layoffs can we share what severance package is offered? Do you keep health insurance? What happens to accumulated vacation?
Thanks!
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Sorry for anyone going through this. When I was let go (project horizon) I was told insurance benefits went through the end of the month, and found out later they would have actually continued but it no longer mattered to me since I had moved on. My advice: meep copies of everything, for a company that does this so frequently they're still really bad at it so call Aetna and confirm the end date as well any other benefits. If you have time, get your medicsal, dental, and vision appointments in. Your HSA account stays with you. They actually made me be proactive on returning my equipment and vehicle and truthfully, if you have technology the tech team told me they only needed equipment with hard drives or data. They'll throw away any older monitors, keyboards, or cables so don't stress too much about how much your severance package says you need to return everything. If you actually ask them, they probably don't even now what equipment you have. Start applying for unemployment immediately, and reach out to your network-we know what it's like and we will help. Don't let yourself go. Make job hunting your job, and focus on fitness and relationships. You will get through it.
Public service announcement: if you are receiving atypical provisions in your severance package (extended access to healthcare benefits, payout on unused vacation time in a state that does not mandate said payouts, etc) protect yourself and do announce it here. Those special provisions are unique and can be traced back to your individual severance package and your identity. Posts like this violate the non-disclosure clause of the severance agreement, which can then be rescinded. Be cautious and aware, people!
@sv In my experience, in the US you don't get to keep company insurance during your severance period. They offer you Cobra, which of course you have to pay for.
@sv I really hope you’re right on the insurance. That’s what’s keeping me up at 3am, literally
Cap is likely now 36 weeks for severance. Vacation kept for me. Allegedly keeping the employer share insurance through severance.
@pr horrible but that's par for the course- you're better off getting healthcare through the exchange. Cobra is thousands a month.
@m8 how were the COBRA benefits
I was laid off a couple of years ago, and my severance was capped at nine months. I wouldn't be surprised if they had different caps for different employees. I asked HR to explain how they calculated my amount, but they refused to provide any details.
I believe paid out vacation is determined by state law where you reside.
@fp not true.
@hy if they have that kind of time, let them. Reading what’s posted on this site, or participating is not violating any policies.
@am they can probably see who accesses the handbook and when. Wouldn’t be shocked if they tried to find who posts here using that.
@am Whether unused vacation days are paid out depends upon the state laws in the state where the employee resides. Many states don’t require employers to pay for those days, but some do. In Massachusetts, for example, they are legally obligated to pay those days.
Got cut within the last year. Starts at 6 weeks severance for those who worked 3 years or less. Otherwise it’s a week per 6 months worked. Paid biweekly, not as a lump sum so it sc--ws with collecting unemployment insurance. Typical Cengage.
Greetings,
Full vacation time and one year's salary for each year of service will be paid. The best news is that the severance will be paid in Cenmarks, the new innovative digital coupon system that can be redeemed for Cengage gear!
@am unused vacation is no longer paid out.
@ah this is the policy as far as I know, with vacation being paid out. It’s in the handbook if you want to verify
A few years ago a colleague was laid off and said it was 2 wks per yr worked. With a cap at a year. Anyone have details from a more recent layoff?
Severance packages are terrible - if you have an new opportunity, I wouldn't wait for a package. It's much less than you would think.