How many weeks typically, does the severance package equal out to?
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Does the Elevance Supplemental Unemployment Benefits have a payout when you find employment?
“Some SUB plans include a reemployment bonus, which pays a percentage of the remaining benefit amount as a taxable bonus when the employee finds new employment, providing a financial incentive for employees to quickly find new employment. When a terminated or furloughed worker begins working, they become ineligible for unemployment benefits and regular SUB payments stop.”
Additional info:
https://www.transitionservices.com/guide-supplemental-unemployment-benefits-plans/
If you’re a grade 14 or above you get 8 weeks plus 1.5 times the years of service. If you’re below grade 14 it’d be the same formula but you’d only get 4 weeks instead of 8. I’m not sure if VPs and above get actual severance or something different- I’m sure they do.
Why are some receiving severance & others are getting supplemental unemployment?
It has been for the last 15 years 4 weeks base for grades lower than 14, and 8 weeks base for grade 14 and above.
Plud 1.5 weeks per each uninterrupted year of service.
Hi
It’s 4 weeks plus 1.5 per year
It all really varies. I'm hearing 1.5 per year but in 2021 it was 2.5
From what I read, 4 weeks base then 1.5 weeks for every year of service up to 26 weeks max