Guys, any idea how come severence pay calculation different among 2 person with same LOS and rating
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Friends at Japan fab told me that their labor law requires a full 24 month salary for severance - the best we can get in US is one half year....imagine Italy will be better as well....
The severance for Idaho workers is based on completed Years Of Service (i.e. a 5 years and 9 months is 5 completed years). W-P = Weeks of Pay
For 0 to 3 YOS = 9 W-P
For 3 to 5 YOS = 10 W-P
After 5 YOS you can use this: W-P = YOS + 6
The max is 19 YOS = 25 W-P
Example: YOS = 15 ----> W-P = YOS + 6 ---> W-P = 15 + 6 ---> W-P = 21
Note: If you received severance before and got rehired, your YOS is calculated from the last severance date.
Rating doesn't impact the severance pay. Could very state to state, and does very country to country. US is probably the lowest, would not be surprised if the Asia sites are not closer to a year for newer hires.
For my awareness, there is no service year tier, but others can help to confirm.
In Q1 earnings call (december 2022), they announced the layoffs and hence Jan 3, 2023 date is not surprising.
How many weeks/year severence did they give? In my old company, we got 1 week/year worked for less than 5 years worked. 5-10 years got 1.5 week pay/year and 2 weeks/year for greater than 10 years.
Looking at the Severance summary document I was sent...it is for US Team Members "other states"? Wonder if CA or VA or somewhere has totally different package due to local state level rules? Also of interest ....in the footer this document indicates it was revised on Jan. 3, 2023 - this thing has been cooking for some time for sure.