Can anyone advise what the Severance Package is for BPs and MDs?
15 replies (most recent on top)
@Post ID: @X3Frg4j-pjee
You are 100% no 200% right, its amazing how people know very little about a severance package.
As you stated a company doesn't have to give it to anyone, all they have to give you is unused
vacation time and that is it.
All these phony posts about people claiming they got an extra 1,2,3 4 months (lol)
I was let go this month from Quincy location with 2 months severance; can I also file for unemployment concurrent with the severance?
Depends on what level you are. If you're a VP or higher, and you feel you're being unfairly targeted for a lay o ff, document everything and get an attorney... ESPECIALLY if you are over 50, because after 50 its much harder to get another job at the same level. I know of several people who got a fair bit more in severance because they had some good documentation about being unfairly targeted, one went to court and got a huge settlement.
There is a lot of bad advice being given about getting an employment attorney to try negotiate you a better serverance package.
People open your eyes okay, a company doesn't have to give you any type of severance package.
All they have to pay you is for any unused vacation time.
You don't want to sign the severance package forms fine, your still being laid off and this time with nothing.
Agreed. I got an attorney and while I only got an additional 4months severance, it was better than the 2.5 they tried to give me. I got 6.5 months plus my full bonus. I was only there 3 years.
Nope, if you're laid off and get an employment attorney, you CAN negotiate more. The important thing is not to sign anything during your exit interview. Of course employment attorneys cost money but you can feasibly negotiate a lot more because the company just wants you gone, they don't want to have to get legal involved. Why take 6 months severance when you can negotiate a year?
@Post ID: @X3Frg4j-nctf
Sorry your a Liar, all severance packages are based on your job grade and years of service.
Nobody getting laid off gets to make a deal of their severance package.
Good one you think they are going to waste time with each of the thousands of people being laid off, to let each work waste their time on what they want for a severance package (lol)
Always negotiate your severance. Get a lawyer if you have to. At VP level, 7 years, I got a year's severance. But I got a lawyer and negotiated. I also got my full bonus.
its 14 weeks plus two weeks a year up to MD and then its 3 weeks per year. They are also giving 60 day kickers right now so some are getting the 60 days and then the severance starts. Anyone who can leave will leave and nobody seems to care if they get let go. They just don't want to be the ones left holding the after people leave.
They pay it out like a normal paycheck for your respective “freedom” period
I thought it used to be 3 months plus two weeks for every year you are there.
Yes, it is paid in lump sum, with no contributions to healthcare or 401k.
No more than a year’s salary, depending on length of service.
Post ID: @X3Frg4j-hah
When I was there years ago, severance is based on your title and position.
So it varies from 1 week , 2 week or 3 weeks for each year you are there.
If you were to get say 6 months they would pay you over a 6 month period, they have never done lump sum.
Is it paid in a lump sum?