I was told by an older coworker that severance now and what it used to be "back in the day" is completely different. Is this true? If so, what's preventing them from reducing it again? How often does it happen?
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As long as its not performance layoff you are good
Was reduced to 2 weeks per year when I started in 2005. Prior to that it was better.
I thought in Europe it is one month per year...
Since the upper management bonus pool has now been reduced, they’ll take it out on those they are laying off by reducing severance. Of course naturally even that action in itself will make the news, which in turn will cause the upper management to take that out on those still employed. Vicious circle.
It depends in how bad they want people gone. The more incentive, the easier it is to reduce headcount.
You don't have to accept severance and they need then rehome you which then defeats the purpose of the exercise.
Severance figures are always negotiable.
2 weeks for every year, maximum 52 weeks. So after 26 years you have maxed out your severance. i just hit that myself so if Citi decides to let me go, i have a year to figure out what to do or start double-dipping as soon as i can.
All benefits and perks goes by supply and demand :-)
I can be wrong but I think long time back it used to be 4 or 3 weeks per year of employment and it was reduced to 2 weeks sometime during last decade. They also put an upper limit but don’t remember the exact timeline. They can reduce it further by republishing the employee handbook but I doubt that it will happen unless peer organizations do the same. 401k match restrictions in itself is bad for Citi as it will become tough to hire good talent once market improves.