May sound like an insensitive inquiry but the UI decisions varies from one company to another so i have to ask or wait weeks for an answer.
From anyone that received severance, did you manage to get UI at the same time or were you told you’d only be eligible after? Saw that when a release isn’t signed UI could be receive but pretty vague. Sounds like you only find out after they process your application so curious.
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In Massachusetts, severence does not count as wage income if it is conditional on a legal agreement. STT does, or did, make severance conditional on signing a release promising not to sue, not to disparage, etc. MY unemployment was initially denied due to severance income, but i appealed the ruling based on the above, and received unemployment dating to my initial application. The appeal was within the Mass Dept of Employment, not in court. This was three years ago.
Post ID: @hgmc+1rKumfmR
There's a lot of questionable people that are just acting and not really producing. I've seen this more often from top. These folks are placed into positions to lead teams but can't even manage their way out of a paper bag. I recall one person getting work done as quickly as possible but due to her incompetence lost the company hundreds of thousands of dollars each year. She ended up getting promoted to VP. I'm not sure if the company ever found how much money they were losing or only a select few that are aware kept it hush-hush since I was so angry and left to join another team.
These actors put on a 'performance' that work is being done and use their level of power to blame other teams when they want to hide their mistakes. When they run out of teams to blame they pick the lowest-ranking person on their team as a scapegoat. This is how these actors survive layoffs and get promoted.
Post ID: @wth+1rOG1kEi is correct. Unemployment insurance while on severance depends on the state but is allowed in MA and many other states. And while you are getting severance you pay the subsidized rate.Once you get to the first of the next month where you're not receiving severance, you pay the full rate which is a lot!
@8klh+1rOG1kEi At Least U.S. associates aren’t the only one not having their salaries keep up with inflation.
Boston Businesses Journal - compensation
As a single person I was paying $300.00 just for health insurance when I was a State Stret Employee.. After my severance expired the cost for health insurance only under Cobra would have been $775.00
For a family plan Cobra will cost you a lot, so I would probably try to find out before your severance expires. What your family rate would be under Cobra.
Post ID: @3jlw+1rOG1kEi The normal premiums depend on your salary bands at State Street. The same applies to COBRA, so if you are in the higher salary band, it will be $2000+; I assume the other poster was in the lower salary band. I hope that clarifies the confusion.
@wth+1rOG1kEi -> Is COBRA $750 per month for full family including dental, vision and medical ? I thought its around $2000+ for a family of 4.
Safe to assume you take home more in the time you collect severance and unemployment than you do working?
I have been with SS for 12 years and I kind of dream to get laid off.
I applied in MA and was denied but found a new job in 3 weeks. Getting let go was a good thing Two checks and my new job much better and actually got a raise 2 years in a row. That never happens at state street. Good luck
Yes in Massachusetts you can get UI while collecting your severance and I would do it.
You can bank your UI in case when your severance runs out and you still haven't been able to find a job.
Now one very important thing that a lot of people do not understand is your
Health Insurance with the company. As long as you are collecting severance you still
pay the same Health insurance rate you did when you worked for the company.
But once your severance runs out, you have the option of going on COBRA which means you can keep your health insurance with the company for 18 months.
But you have to pay the FULL HEALTH INSURANCE RATE.
You will no longer get the company subsidize rate you pay the full rate.
I was paying $300.00 and when it ended the COBRA rate for 18 months was $775.00 .
So that is why find a job fast if you can or bank all you UI .
UI rules vary from state to state, and the company usually enters the picture only when the state wants more details; there might be other scenarios.
For example, in MA, you can apply for UI while collecting severance. I recommend applying, even if you get rejected, and reapply later.