To make it clear how severance works...
to make it clear how severance works... Citi's policy is 2 weeks severance for every year of service. You get your severance less withholding (taxes) after the 60 day notice. 60 day notice is required by Maryland law. In many cases, they are sending people home for 60 days at full pay then you get your severance in one lump sum. After you get your severance you have to wait one full week to start receiving unemployment. Unemployment lasts up to 6 months in PA and 6 months in MD. For more about how much you would get in unemployment payments, just look up how unemployment payments are calculated in your state. They are not reducing severance packages as some have suggested. After the crash of 2008 and all the layoffs that Citi did in those first few years, Citi changed their severance package from 4 weeks for every year worked and made it 2 weeks for every year worked. There have been no changes since. They would notify all employees in writing if they changed their severance package.
Bumped thi from @WxGbudy-2sacd . Thought this was some good info for those that aren’t familiar on the matter.