Severance Pay: Total vs Final - anyone know? - post regarding Verizon Communications Inc. layoffs

Severance Pay: Total vs Final - anyone know?

After reviewing my Severance agreement and release document that finally came into our portal, it shows your severance amount at the bottom of the document.

However, for me, when I compare this amount to the Severance calculation worksheet, it uses the same amount that is shown under "state mandated pay requirement" & "final pay." Instead of the pay shown in the "Total Severance Pay" line item. I am in NJ. For anyone else here, does your service release form also show this discrepancy?

Do we have any clarification as to why our severance is the lower of the two amounts shown in the calculation (which is exactly 50% of the amount)? I've sent a request for clarification to HR, though I have yet to hear back. Curious if anyone else sees this or knows why. Obviously, we would all want the higher amount, but it is confusing why they were showing us two different numbers, and then on our release, it is using the lower amount.

#Severance #FinalPaycheck

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@bq 35 weeks

I could not sign the agreement. Was anyone able to sign? It said "signature block". There is no place to sign and submit.

What is the VZ severance like for someone there 20 years? 20 weeks of pay or something? Just curious.

I am in NJ with 26 years. I do not feel comfortable signing this with absolutely no mention of the NJ required payment. Anyone feel the same? Severance amount on the letter is 1/3 of the total severance.

HR CONFIRMED -

("Total Pay" of $50K as an example here)

NJ WARN Law states that you are not required to sign a release for "State required severance pay" ($25,000). You will be paid this amount around a week following your separation from Verizon.

The severance agreement in your portal, only lists the Verizon severance being offered ($25,000), which you will need to sign the agreement to receive. You will receive the NJ WARN payment of ($25,000) whether you sign the agreement or not, which is why it is not included in your agreement.

So, for all those wondering, sign the agreement and receive the full amount in your package. Opt not to sign the agreement, only receive 50%. Unless you have a stellar case to try to fight the package or etc, it SHOULD be in your best interest to sign haha.

From my conversation with chat GPT....

State mandated amount = what you get regardless of signing
Final severance = what you get (in addition to state mandated severance) only if you sign

Net net, I think you get the bigger number at the end of the day. They just make it confusing AF, of course.

My understanding :
State mandated amount - does not require you to sign the release and will be paid to you anyway (This is the half of the amount of Total Severance)
Final Severance - That's what your release document shows - will be only given to you after signing the release(you are basically waiving off your right to sue VZ)

Please post back when you hear back from HR

Thread regarding Verizon Communications Inc. layoffs

Severance Pay: Total vs Final - anyone know?

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