Anyone know if they are taking volunteers that would leave in exchange for a severance package?
9 replies (most recent on top)
I would love that but based on previous experience, that would be a really d-mb thing for the company to do. You usually end up losing your best people. You will also probably get more volunteers than anticipated. Sinking ship, don't ya know.
You know if you’re laid off you can apply for any open role at Citi. Or you get severence. You make it sound like you aren’t eligible for rehire
It would be nice if Citi would tell those that are jd'd that they could take an open job they were qualified for or a severance package.
Nope! They choose to let talent walk.
I was laid off January and after working here over 30 years luckily, I always saved my money in case a time like this occurred. During my zoom call I smiled, said thank you, told her it was nice working with her and when am I getting my severance. Of course she was shook because I wasn’t upset at all. I even asked her did you think I was gonna be upset because I’m not I just learned from a young age to save whatever I could. I don’t have to work anymore and I’m under 60 years old.. I saw the writing on the wall three years ago when I had a disagreement with her about promotions and told her do me a favor and lay me off. i guess she didn’t take me seriously then.
anyone who gets laid off does get warn act benefits. My last day was the end of January, so I got paid for two more months through the warn act as I am not in New York. I was still on payroll, but not working. I think in New York the warn act is three months pay after getting laid off. Each state is different and citi has to comply with it.
If you are in New York, be careful about signing severance agreement too soon as there is a law started in 2018 in New York that if you get your severance check too early within 30 days of your last paycheck It will delay, unemployment, See below:
Whether severance pay affects unemployment benefits can depend on when the employer makes the payments.
If an employee receives severance pay within 30 days of his or her last day of employment, the severance may offset the unemployment benefits. In that scenario, the employee will not receive unemployment if the weekly severance payments (or pro rata portion of a lump-sum payment) are higher than the maximum weekly unemployment benefit rate. Once the severance payments have ended, the employee may be eligible to receive unemployment benefits (assuming they meet standard eligibility requirements).
On the other hand, if the employee does not begin receiving severance pay until more than 30 days have passed since their last day of employment, they can immediately collect unemployment. In this situation, the severance pay will not affect New York unemployment benefits at all.
(The “last day of employment” is the last day an employee was actually working or was on paid leave.
Good luck everyone
Just smile and wait for that severance + vacation payout.
"Just ride it out. Smile and pretend you are more than a number..."
I hope future societies recognize how cowardly we truly were.
Just ride it out. Smile and pretend you are more than a number for the next three months! If you think your position is going to be eliminated, than it most likely is.
No, that was asked and answered by Anand - no volunteers, no early retirement etc. which makes sense since they don’t need random cuts, they need specific roles in specific groups cut.
I would, the company is a sinking ship. Market cap hit <$80 billion today and dropping. Government saved them last time not so sure they will this time.