Severance packages for laid-off Verizon employees are not one-size-fits-all—they vary based on factors like tenure, job band (e.g., below Band 5 vs. senior levels), union status, and whether the layoff is voluntary (VSP) or involuntary (RIF).
Based on historical patterns, recent voluntary programs, and employee reports, here’s what you can typically expect.
Note: These are general guidelines from prior rounds; actual terms for the 2025 cuts may differ slightly, and you should review your specific offer letter or consult HR/legal counsel before signing (signing often waives rights to sue).
Standard Severance Components
• Base Pay Continuation:
• For most non-senior roles (below Band 5): 2 weeks of pay per year of service, with a minimum of 2 weeks and a maximum of 35 weeks.
• For voluntary separation programs (VSP) or enhanced packages: Often 3 weeks per year, up to 60 weeks in past offers (e.g., 2018 and 2020 rounds).
• Example: With 10 years of service, you’d get about 20–30 weeks of pay (roughly 5–7.5 months) at the standard/enhanced rate, based on your base salary plus short-term incentives (STI) divided by 52 weeks.
• Payout of Accrued Benefits:
• Full payout of unused PTO/vacation time.
• Pro-rated STI (performance bonus) and long-term incentives (LTI/stock) for the current year.
• In some cases, personal hours or retention bonuses if applicable (e.g., from prior outsourcing deals).
• Health Benefits Continuation:
• Medical, dental, and vision coverage typically extended for the duration of your severance period (e.g., up to 35–60 weeks).
• COBRA subsidies may cover part or all of the premium for 6–11 months post-severance.
• Other Perks:
• Outplacement services (career coaching, resume help) for 3–6 months.
• Potential unemployment eligibility for up to 6 months after severance ends (though VSP takers may initially be ineligible).
• No repayment if rehired by Verizon, but pro-rated adjustments apply.