Laid off employees are saying the severance package is 1week for each year of service + full TOP payout + IPP paid.
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LOL - so if you get laid off you got IPP, but if you still have job no IPP. That is really funny!
I got 100% of my SIP
"1 week for each year of service" is not accurate for USA workers. Not sure how it looked for non USA workers, but I suspect Japan, Taiwan and Singapore saw better payouts than what we saw in the US.
The severance package varies from country to country, and we could have small differences from state to state within the USA (such as how TOP payout is handled).
For Idaho workers 1/2 of the top was in the last regular pay check and the other 1/2 was in the severance lump sum. IPP was prorated (% of the year) as if 100% of the goal achievement had been achieved.
The longevity portion of the severance for US workers is based on completed Years Of Service (i.e. a 5 years and 9 months is 5 completed years).
Here is the breakdown:
WofP = Weeks of Pay
For 0 to 3 YOS = 9 WofP
For 3 to 5 YOS = 10 WofP
After 5 YOS you can use this: WofP = YOS + 6
The max is 19 YOS = 25 WofP
Example:
YOS = 2 ----> WofP = 9
YOS = 15 ----> WofP = YOS + 6 ---> WofP = 15 + 6 ---> WofP = 21
YOS = 26 ----> WofP = 25
Note: If you received severance before and got rehired, your YOS is calculated from the last start date.
Rating doesn't impact the severance pay. Could very state to state, and does very country to country. USA is probably the lowest, would not be surprised if the Asia sites are not closer to a year of pay for newer hires and 2+ years of pay for long term employees.
Yep but there will be no IPP