I saw that someone here wrote that severance for someone with ten years in the company was under 2k. Is that really true? When taxes are deducted from that... In essence, my logic is that it’s not worth waiting for severance, but to leave as soon as possible, because if nothing else, it’s easier to find a job if you already have a job. That’s my opinion, maybe I’m wrong.
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Worked for 20 years at Follett as a manager. Was let go and only given 8 weeks of severance. Actually our entire store full time staff was let go , one week notice. Hiring part timers to do what 4 full time managers did.
I worked for over 20 years full time with them. Had an incredible track record and in many positions. I was offered nothing. Get that job and then get out of there. Find some thing that you can grow into or survive in until you retire. Good luck.
@6jkr+19gX3NH8 I am not sure what state you live in so I cannot speak to local laws. In most states severance is considered income earned prior to dismissal. Therefore severance is taxed as ordinary income and you are eligible to claim unemployment while receiving severance.
Please contact an accountant ro confirm eligibility . LEAVE NOTHING ON THE TABLE.
Keep in mind that severance is considered a gift not income,so you will be taxed at a higher rate at 40%.
If you are considering leaving and get PTO check the payout laws in your states. Use your personal time and sick time up first. In most states if you don't use them you loose them when you leave. A few states must pay out unused vacation pay when you leave.
As the good ship Follett slips under the waves, all left probably won't see severance package. Part time and temps nothing for sure. So NO, it's not worth waiting to see if they offer a severance package. Do as little as possible until you find a new job!
In the past, severance was 1 weeks pay for every TWO years worked. It was not offered to everyone. If your severance was going to be expensive, they had you driven out of company by some very unscrupulous SM. Hint, don't work at the Seminary Co-op. Their store director is follett alum. He was super proficient at this tactic. He ran at least 4 employees with a combined 70+ years of experience out. Not one was offered severance.
Severance is a weeks pay for every year you worked.
Mine ran out before I was able to find another job, so you decide.
You've started several threads about the same thing. Quit asking the same questions hoping for a different answer. There isn't one.
That was the offer. You are not getting six months worth of anything if you're hanging on for it. Follett is not here for you ans H&R is never your friend.
Don't forget, you're assuming you'd even be offered severance. It's not automatic. It's not a guarantee. You might not be offered anything at all.