Is it the same as the last time? Or have they implemented some changes?
19 replies (most recent on top)
What are the new minimum severance weeks for bands 3 and 4?
Enjoy your retirement!
52 weeks, I have been here for 27 years.
Search "severance" on Iris. It's all laid out based on service years and band with a minimum and maximum.
“Wait, so if you've been with the company for 16 years you only get 22 weeks of pay instead of 32 (2 weeks per year of service)?”
Higher of the two, up to 52 weeks
I tried to find it, but can't, but I remember seeing they set a floor for the severance, if you are here 1 to 10 years, you get the same thing (within your band), then after that (looks like 22 weeks or 26 for higher bands) then keep adding 2 weeks on top of those numbers per year. For example 20 years will still equal 40 weeks.
Wait, so if you've been with the company for 16 years you only get 22 weeks of pay instead of 32 (2 weeks per year of service)?
um, that stinks.
“22 weeks for me, which is more than would be expected per the 2 weeks per year of service policy, plus 30 days until the official”
Those earning over $100K base get 22 weeks. Service years don’t matter.
“22 weeks…
I'm grateful for the 7 months severance, glad to go, time to move on.”
You need to recalculate your numbers.😂
The Severance Pay Plan document in IRIS spells out exactly what you get based on years of service, band level, and/or salary.
Did someone say this week layoffs was more IT focused, but next week is another round- if not IT next week… who’s next? Coaching?
And if they’re handing out 22wk packages for 1yr employees, I think a fair amount of us would like to know where to sign up! Wondering what a 10yr employee would get? Or are these nicer packages only bands 4/5+?
What band are you guys? That is an insane amount of severance
Is termination immediate, or are they doing a notification period with term date at the end?
If you make more than 150k base you get 26 weeks
22 weeks for me, which is more than would be expected per the 2 weeks per year of service policy, plus 30 days until the official term date
I'm grateful for the 7 months severance, glad to go, time to move on.
22 weeks here. Been at Cigna over 5 years.
22 weeks here.
“26weeks for 1yr” which band are you in? Or, director, or higher rank?
Wow- 26weeks for 1yr?? I somehow suspect the 5,10 and 15+yr veterans are not receiving much more than that- isn’t there a cap? Was 1yr service always this much? Good for you either way, good luck!
Dunno what is was last time, but I was shocked I received 26 weeks, today, when I had only been there a year.