How much is given in severance pay if layed off? Inquiring minds would like to know. Time here =? Thank you.
9 replies (most recent on top)
you can find this on teamworks
2 weeks for every year of service, with a minimum of 8 weeks.
so - up to and including 4 yrs of service =8 wks
after that, multiply YOS x2 and that's how many weeks you get.
Severance starts after notice period, which is 60 or 90 days depending on which state you live in.
@ifb, how old were you at the time and what was your pay?
Search ‘severance pay’ on Teamworks and it will give you the payout chart.
Us bank is only ONE week so lucky you get two as they are about to have layoffs as well
I was severed in 2015 after 36 years in, I received 16 months which was the max allowed. Not sure what it is now but I know it’s something less.
But it was always capped at a year
I learned from a manager that it changed due to the regulators, after they went rummaging through every drawer in the bank. It was too generous in their eyes.
I’ve worked at other banks and they definitely weren’t that high.
it used to be a month for every year you are employed.. then it dropped down to 2 weeks for every year.. so for those with any significant time.. say 20 years.. that would be 20 months of severance vs. 10 now - so it was cut in half
Fyi for everyone who thinks 2 weeks for every year you were employed is good, it used to be a month.