With the constant chatter of layoffs around the corner, I went to the internal site to read up on the current severance policy. It used to be there but can no longer find. Anyone else experiencing the same and shouldn't this information be available to employees?
12 replies (most recent on top)
I know the Union Bank severance is much more generous than the US Bank severance US Bank is 1 week per year of service when Union Bank is at least twice that. For example some one at Union Bank with 15 users could get between 38 - 52 weeks depending on their job level.
US Bank employee. Now I can’t get to it anymore. When I just searched for it, I got a pop-up saying to contact my HR rep directly for the severance policy.
"I am a current employee, and I found the severance policy yesterday. Just log into your total rewards and search for it."
Are you USB employee or ex-MUFG?
My wife is ex-MUFG and was not able to find the policy
I am a current employee, and I found the severance policy yesterday. Just log into your total rewards and search for it.
I’m a current employee and there is no policy available to production staff on severance
It's still online for employees. Log into My Total Rewards and look in the documents section. It was updated in December 2022.
Here's a snip from the Background paragraph near the beginning of the document:
"Employees of MUFG on Dec. 1, 2022 who remain continuously employed with MUFG and U.S. Bank and its affiliates are generally referred to as “Continuing Employees.” Continuing Employees are not eligible for coverage under the U.S. Bank Severance Program until Dec. 1, 2023. Continuing Employees who receive notice of a qualifying termination before Dec. 1, 2023 may be eligible for coverage under one of the special severance programs that U.S. Bank maintains for certain current and former employees of MUFG Union Bank, N.A."
Here's the money shot: "Continuing Employees are not eligible for coverage under the U.S. Bank Severance Program until Dec. 1, 2023."
My guess is that 2023 could be a rocky year. Good luck to all.
I was laid off as a 16. Kept on payroll for six weeks (to avoid WARN considerations, I think) and then got three months of severance. Health insurance lasted for three weeks after “payroll” time ended because of the way health insurance bills (a month in advance). Grade 17 got significantly more severance, and I’m sure it went up from there. Don’t know about 15 and below.
It's nowhere near a week per year. In fact years of service don't come into it. If they offered voluntary severance then they might start talking years but don't see that happening.
I need to check the policy but I’m pretty sure depending on your grade level you get a bare minimum amount of weeks. I’m a 15 and I’m fairly certain the minimum amount of severance starts at 8-12 weeks. Need to check bc 1 week a year for 16 and under per the comment above is unacceptable and has to be inaccurate.
If you are grade 16 or below, you get one week for every year unless you have been with the bank for 15 years. In that case you get two weeks for each year.
If you are grade 17 and above there is a higher minimum.
Severence is still out there, its just hard to find.
If you're interested.
https://www.cnn.com/2023/02/22/success/severance-agreements-rule-change-from-nlrb/index.html
It's probably being updated after the NLRB said you couldn't use an NDA to get a severance.