Hey all, what’s the typical severance package? I work in the mortgage dept, while no one in my location has been laid off yet… we know it will eventually happen. Been at WF 3 years. I’ve heard so many different things but just wondering if anyone knows the minimum severance? And then how much for each yr of service? Also, did you get your benefits the whole severance? Did each check still contribute to your 401k and HSA while on severance? Thanks all and good luck
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This message is for the person posting about CB forcing high performers out. The reason for the bad evaluation is that CB is offshoring the underwriting, support, and other jobs.
It's unfortunate that your line of business is treating you unfairly. Send me a PM tomorrow, let's talk.
The person posting about no severance due to displacement for low performance is wrong. Unless you really mess up, severance is provided. Someone else nailed it. Usually it's a 60 day non-working notice. That means you aren't working but you are getting paid. Then severance kicks in. 2 weeks per year employed, max of 52 weeks.
In your case, the expectation would be 60 days plus another 45 days. In total you would get a little over 3 months.
Commercial Banking is forcing employees out through performance reviews. Consequently, Wells Fargo will not need to pay severance. Unfortunately, there is not much recourse for the former employees which were treated unfairly.
Also, the management received bonuses for these unspoken acts. Wells Fargo seems like an unethical organization.
people are incompetent which is why they keep asking.
I'm mystified that so many people keep asking this when it takes about 30 seconds to find the entire severance policy in the handbook.
Another thing. After severance set up your own IRA and roll over your Empower IRA to it.
look it up in the employee handbook
On top of what was written, you get a 60- or 90-day notice. They either let you go home, most do, or they make you work. If lucky, they send you home, strip your access, and you collect your regular paycheck. It's a two-month vacation that you realy didn't want to take You can't collect unemployment because you still work for WF, but are able to once severance kicks in. You can look for a job, but since you still work for wf, well. Do not go out in a blaze of glory. Do not act like an ar-e-hat during that 60–90-day notice or they will can you and you will lose severance and benefits. My take, once you get over the shock of getting canned, get your ducks in a row and enjoy the next 6 weeks. Once severance kicks in, apply for unemployment, do not check the box that you receive severance and double dip. Get your resume updated and depending on how many months you got, either take it easy or start looking.
Can continue to pay your HSA and 401K. Will NOT get the 401K matching since you will be severed by year's end. Benefits are paid till the end of severance. Cobra exists after severance,
2 weeks per year along with normally an additional 60 day non-working prior to severance. Benefits paid, unsure about contributions to 401(k) or HSA.