last day of service is 2/20.
Total Pay: (lets just say 50k)
State Required Pay: 25k
Final Severance Pay: 25k
why am i only getting 25k?
9 replies (most recent on top)
@dx It does matter because your severance calculation includes # of weeks per year of service. In your example it works out to 13 years of service. This is simplified because the actual calculation includes your STI target + salary if you are STI eligible, but excluding that it would be
50,000 / 52 = 962 (rounded up) per week
13 years of service x 2 weeks per year = 26 weeks
962 weekly * 26 weeks = 25,012
@a7 doesnt matter, i used fake numbers anyway.
Putting the payoff aside here but your in a very fortunate position to be getting let ho on 2/20! Most folks are out by 12/19
@OP you don't indicate how many years of service you have.
@a2 how long have you been with Verizon?
I don't understand this post. The layoff's in 2023 were you're paid for 3 months (bi-weekly paycheck) and then you get a severance paycheck which is your STI minus taxes after your last paycheck. And lastly, your Stocks vest (but I don't remember when - ie right after your last day, within 30 days etc).
@a1 so im getting 25k minus taxes? nots the 50 minus taxes?
My payout is $7800. A true slap in the face
Happens to me 1st Q 2025, the way NJ works the payment is split vs 1 lump sum. To the total of the 2 is your severance. Confirm with your HR person but this is how it worked for me.