Hey - Can anyone that has been recently laid off share any factual info on the amount of severance being given? Long time employee here trying to support a family.
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It only screws up your finances if, say, it's a 4-month severance and you get it in December. Yeah, you have 3 or so more months of pay in 2022 than normal, but in the US at least that's not that big of a deal. If you plan on taking six months off or it just takes a while to find a new job, having that 3 months pay in 2023 where your overall income might be lower (due to being out of work), you might save a small bit on taxes. Generally speaking though, it won't make a massive difference unless you're making a half million or so a year.
I agree. Getting one big check can completely sc--w up your finances.
The only reason I would want a lump sum is that I don't completely trust this new company to keep paying the severance. Legally, they have to, and probably they will, but I don't trust them one bit.
Severance in installments, like a regular paycheck, is actually best for most people. It helps maintain your household budget and you don't get taxed as much. My SO and I have been through at least a half a dozen company wide layoffs and that's how they all paid severance. yeah a nice big fat check is nice, but getting your regular check for a set amount of weeks / months tends to work out better in the end.
Latest news is that CSG is so strapped for cash following the much higher than anticipated cost to finance the acquisition that they are now looking into paying severance in installments, i.e. at the same time as regular pay checks.
I think we are going to need a good solicitor.
If I have it correctly it will be 4 weeks + 2 weeks for every year of employment. From the way I interpret the agreement, the benefits would last through the EOY. The people last year also received outplacement services that I heard were very helpful.
Employees will be placed on a form of "performance plan" that will evaluate skills, experience, and accomplishments. Anyone that doesn't pass the test may be subject to disciplinary action -- up to and including being terminated for cause.
"Terminated for cause" implies no severance package will be provided. This is legally acceptable practice in some U.S. States. I'm not sure about Europe or other Geos
A while ago someone posted a link to the agreement. From what it read, the new company will have to abide by the severance package that Citrix used to offer for 1 year after the deal is finalized.
That of course goes out the window if you are fired for cause. Check the previous posts here and you'll find it.