If we get axed on Tuesday, our pay and benefits are through Jan 3. Anyone know what the severance package is? I’ve heard some say it’s 1 week paid for every year worked, others say 1 month paid for every year worked. And do we know if all of it is paid out in a lump sum? Do we get compensated for unused vacation time?
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You only get vacation payout if you qualify for retirement, which is you have to be at least 55 and have 10+ years at Target.
If we are laid off tomorrow and paid through end of year, are we still technically employed by Target through the end of the year?
@OP I was recently laid off from TGT. After the 60 days of regular pay the severance package is paid in one lump sum. It’s 6 weeks pay plus 1 week of pay for each year you were at Target, capped at 26 weeks. They also give you 6 mos of wgat they paid towards your healthcare plan. The severance is taxed heavily. If you are in MN unless you are qualify for retirement you don’t get paid out on vacation time.
60 days pay and benefits and most likely 6 weeks or more of severance for all plus 1 week for every year of service. In 2015, the gave everyone 16 weeks and then the years of service as well. Benefits were paid for six months. Hopefully they do that again.
Maybe I read the articles wrong but I read we will be receiving pay and benefits until Jan alongside a severance package. Does that mean there’s more than the 60 days pay? Or is that severance package just the week for every year?
60 days and 1 week for every year work. If you worked for 3 years. If your weekly salary after tax is 1,800. Expect around 21k$.
@OP vacation payout depends on state. If you live in Minnesota you do not get a vacation payout (su-ks big time). I am unsure of the severance question myself but I'd be shocked if it was one month per year.