Is it true severance is only one week per year and no other benefits? Also, if it is, is there a cap on years?
It's really shameful that this company cares so little about its employees that they provide such a pathetic severance package. Now I'm even more scared of more layoffs, because if the severance is really that low, I'm in even more trouble than I would have expected to be.
Cheap fu@@s laid me off on July 2023. NO severance after 6 years working for them.
What's the HCE severance? Considering taking a CyberSec job here.
LOL. I don't know who posted the Non-HCE severance plan but, that severance plan is not the severance plan I was offered. Obviously CBRE is offering different severance plans to different people. It demonstrates clearly how unfair and unequally CBRE treats it's employees. Either way, they still offer the worst severance plan in corporate America.
Eligible Employee who is a Non-HCE Full-Time Employee will be entitled to:
medical plan at the time of termination.
Eligible Employee who is an HCE with a minimum of two (2) years of continuous service with the Company on the date of separation with Company will receive: a. Severance pay equal to one (1) week of base salary pay per ten thousand dollars ($10,000) of base salary, with a minimum of twelve (12) weeks of base salary and a maximum of thirty-six (36) weeks of base salary. Notwithstanding the foregoing, (i) an HCE with at least ten (10) years of service will receive no less than sixteen (16) weeks of base salary, and (ii) an HCE with at least twenty (20) years of service will receive no less than twenty-six (26) weeks of base salary.
CBRE's severance program for a layoff employee is a "slap in the face". It would cover about 45 days of expenses. So they displace you as an employee and give you money to cover 45 days of living. That was my situation and I don't live a lavish lifestyle like the CEO. That is an outrage and anyone who thinks otherwise is a fool.
The comments above, where the person stated, "There is no law requiring a company to offer severance, so most companies use the 1 week/per year severance as a guideline. One has to remember, lay-offs aren't equivalent to the often more generous early retirement packages that some companies offer. "
This must be a CBRE HR person or a CBRE PR person. Fact is, many, repeat, many companies offer severance packages much better that 1 weeks pay per year. Take a smaller, private company like Airbnb, they offered 15 weeks of severance regardless of time with the company. In addition to the 15 weeks, they offered an additional 1 week per year. They paid for benefits for the remaining part of 2020. So airbnb is clearly offering a "fair" package vs the "piss poor" CBRE package. Secondly, the person above fails to mention when you get an early retirement package, the employee is making the choice to accept it or not accept it. When you get laid off, you don't have a choice and the layoff comes at a time when you don't expect it. Big difference!!!
There is no law requiring a company to offer severance, so most companies use the 1 week/per year severance as a guideline. One has to remember, lay-offs aren't equivalent to the often more generous early retirement packages that some companies offer. As far as paying the higher tax, that is not unique to CBRE as that's just the way the tax structure is. I've been laid off twice in my career and both times my severance package was taxed nearly 50%. It s—s. I'm in Maryland and last time I was laid off I received 2 months severance (generous considering I was there just a year) so my unemployment kicked in after the 2nd month.
This information is available in the employee handbook. Please print and save a copy for your personal files.
Yes, the severance is one week for every year and a benefit allowance of 1-5k dpending on your years of service. Severance is capped at 15 weeks regardless of your tenure. No additional WARN notice/payments are provided unless absolutely required by law.
Be aware that severance and benefit allowance are paid in a lump sum, therefore you will pay supplemental income or bonus tax on this amount. THIS IS VERY IMPORTANT TO KNOW. You will therefore only clear half of the severance amount you receive.
For example, if you were maxed out due to 25 years of service, you will receive 15 weeks and 5k benefit alllowance. This will then be taxed down to 7.5 weeks and 2.5k. If you had 2 years of service, you will effectively clear 1 week and $500 benefits. Most people don't realize this until they get the check.
To make matters worse, some states consider severance as wages and won't let you claim unemployment. If CBRE tells them you received a severance package worth 15 weeks pay, you will wait that long to be eligible to file in my state. No pandemic unemployment because you are not officially unemployed according to the state. Yet, the check only lasts half that long due to the tax...so zero income for months.
Other states do allow you to collect severance and unemployment at the same time. Do your research and be prepared. How you fare will depend on where you live. Good luck.
I agree with the comments above. CBRE has no empathy or consideration for those who have been laid off. Their (cheap) severance program and no benefits coverage is absolutely terrible.
Yes, that is true, virtually no severance and no benefits coverage. CBRE does not value their employees, only when you are making money for the executives. Then when you need them, forget it, you are nothing to them. Find a "real", company that really values their employees, CBRE is not that kind of company.