I was laid off today and will receive a severance of 4 weeks. Some colleagues who have been with the firm several years only got 6. This is very low when you consider mass layoffs. There’s an option to sign a release agreement which gives 10% bonus of your base salary. I honestly think employees are getting robbed if the severance is this bad after 1400 cuts. What is your severance and any advice on whether to sign or not?
4 replies (most recent on top)
yep, and @uee PTO is paid out too
I was with the firm for less than a year and I was laid off today. It's 4 weeks for folks like me in Advisory - I think it changes with tenure too. 10% is accurate too, after taxes it's not going to be much as it'll be taxed at 38% federal and 12% state (here in California) plus SS/Medicare...
Agreed, I think that is a pretty damn good severance if you ask me. 10% of base is unheard of.
That's been their severance package for ateast 20 yrs. Bonus is new. I'd sign.