What are the chances the company will use the pandemic as an excuse to not provide severance packages in the coming layoffs round? I know they said they would, but they might change their mind. It's not as if severance is required by law, and they have a perfect excuse to take it off the table. Am I being paranoid or is that an actual possibility?
5 replies (most recent on top)
"Severance is not generosity. Companies use it as a quid pro quo - they give you a few weeks salary when you are desperate and in return you sign over all rights such as not to defame or sue. " - yes that is true. I was laid off from Ford and to get the severance, I had to sign a contract agreeing not to do a lot of things including no lawsuits. The Ford contract even went so far as to prohibit posting negative comments on social media or even clicking like on someones negative posting. Yes they know you are desperate and they'd rather pay a few weeks more than to risk spending millions on class action lawsuits with negative publicity.
Back in 2003, when I was laid off. They gave me 1 year for every year of service which was 9 weeks then they had to pay me out 5 1/4 weeks for vacation as I carried over 4 weeks from previous year so I have 14 1/4 weeks of severance.
seems like a massive layoff. If more than 500 people, are they going to provide mandatory Warn notice of 60 days?
Severance is not generosity. Companies use it as a quid pro quo - they give you a few weeks salary when you are desperate and in return you sign over all rights such as not to defame or sue. Of course Bose will provide their standard amount. It’s in their best interest to do so as it is with all companies.
I tend to think Bose will live by the standard equation they have been using - 2 weeks base, plus 1 week for every year of employment. It would seem brand s–c-de via people speaking out on social media to not do so. Also, the severance comes with an agreement that you will be silent. Most companies see the payout as worth getting that agreement with the ex-employee.
For those eligible, I wonder more about the health and future on the retirement plan, the terms and funding futures.