Has anyone attempted to negotiate for a higher severance during the layoffs?
5 replies (most recent on top)
No, you can't. Any sort of "package" negotiations are reserved for the MD level and those are done up front as terms of employment, total compensation, and tied to deliverables over a 5 year period.
Citi stopped the "old" style severance packages for <C16 back in 2003/2004 and moved to the current formula.
You either agree to the terms of the severance (including agreeing to arbitration) and get your net payout (yes - they take a sizeable chunk of taxes out of the payout) or you do not agree and you get nothing.
@ak interesting
I am long in the tooth around here. My severance can't get any bigger, Citi caps it at one year's salary. I'm not about to complain about it and get less.
@ak and Citi always provides an enhanced package in countries where it is a legal requirement. So negotiating may land you with less.
I asked an attorney when I was notified of the separation. According to him, our state is “Right to Work” state and severance isn’t a requirement and isn’t legally binding. He said that a person could potentially try to negotiate but the company can withdraw the severance package altogether and leave you with nothing. It’s definitely a gamble.