Was looking and I swear it used to be 2 weeks for every year worked. I says 1.
Did it used to be 2?
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@101 The OP specifically asked about how it used to be. That is why replies are 'outdated'. Jeesh! As far as still hanging around after being let go, many people currently working at U.S. Bank have been laid off at U.S. Bank, and got severance, previously. That is how many of us got pay increases. We would get laid off, then get a job at Wells or B of A, then return to U.S. Bank at 30% higher salary. It wasn't that long ago when things were different. I do know a PM that was laid off after the Union acquisition that went to a Community bank and is now interviewing for a PM job. It is still possible but not as easy as it was before
The severance program document is on the Your Total Rewards site
@zs this is super outdated knowledge. You were laid off 7 years ago and you're lurking in this forum? That's kinda weird.
@zp
Previously it was not paid out all at once. For at least grade 13 and above. They got one week for every year. Then a second week if they were still unemployed and looking for a job. I know many people severed in 2018.
I was there from 2014-2018. 1 week per year was what I received when I was laid off in 2018
Wow, lot of incorrect info hear.
Previously, severance was calculated at one week for every year of service up to 10 years. If you had more than 10 years of service, it was two weeks of severance per year. At some point in the recent past, like within the last two years-ish, it was changed to one year of service up to 15 years. That’s where it stands now. If you have more than 15 years of service, they bumped it to two weeks per year. The severance is paid out lump sum.
Five or six years ago it was one week for every year paid weekly. After that if you still hadn't found a job you would get a second week for every year. When they changed it from weekly payout to a one time payout they made it 1 week for some and 2 weeks for others (depending on pay grade and years service) with minimums and maximums.
It was 1 week for every year under 15. 15 years you get 2 weeks for every year max is 52 weeks.
@OP I am recently retired, but last time I looked it was 1 week for every year with a maximum of 24 weeks which could be extended by a manager if no job was found by that point. But, I heard from some long timers (15 plus years) who got laid off since 2024 they got 1 year severance. So could be they were giving 2 weeks for every year at some point? Pretty sure the bank was glad I retired when I did so they didn't have to pay out a bunch to get rid of me. Just 2 months after I retired my whole department was notified it was being shut down by year end. What a mess.
@d1 on benefits pqge
I swear the severance info used to be in MyHR but now I can't find it. If anyone knows where it is now, I'd love to know. But I'm guessing it's only accessible to managers now....
I was there 23 months and they counted it as 1 year. I got 12 weeks severance. That was in 2024.
Are we looking at the same thing? According to the severance overview support call deck PDF, pages 6 and 11 State you get two weeks if you have been at the bank 15 years or more of which is the way it's always been.
I'm pretty sure this is only for people leaders to download.
As far back as I can remember, it was always 1 and then another 1 as "supplemental severance" if you're still out of work when the first 1 runs out.
It did used to be 2. Not sure when they changed it.