Is there a lump sum payment this time around? I heard not.
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My God, it's literally all spelled out on T-Nation. Read all about it and if you have any questions send an email to your regional HR.
Some.of these posts made it even more confusing, especially since everyone is arguing about it. So no lump sum? Just ever 2 weeks we get our 2k per year?
"Do you really think that they're going to pay you bi-weekly for six months into 2024? You must be high. They're going to pay you a lump sum continuation. Read the 8K. And Read the Separation documents on T-Nation."
Stop being a mo--n. Here is the facts directly from the severance package sent to me in Workday once I was notified. I also called the HR bridge that was provided in the notification call and confirmed that the salary continuation part is biweekly.
"Salary Continuation (pay continuation benefit) – This will be paid as ongoing biweekly payments, that will start as soon as administratively possible, after the revocation period has been met."
"For the components outlined above as on-going bi-weekly payments, your biweekly payments for severance will follow the normal pay periods and paycheck dates but will start after you have signed and returned your GRA, and the revocation period has been met. These payments will be paid through your Salary Continuation Period.
Your Salary Continuation Pay Period starts the day after your separation date and runs through the number of weeks of severance that you are eligible for based on your years of service and job level as described in the Separation plan."
Do you really think that they're going to pay you bi-weekly for six months into 2024? You must be high. They're going to pay you a lump sum continuation. Read the 8K. And Read the Separation documents on T-Nation.
On August 24, 2023, T-Mobile US, Inc. announced to its employees that it is planning to reduce the size of its workforce by just under 7%. T-Mobile estimates that it will incur a pre-tax charge of approximately $450 million in the third quarter of 2023 related to the workforce reduction. The Company reiterates the fiscal year 2023 guidance it previously issued.
"You've misread what they say. You're Paid a LUMP SUM in the same way you're paid your biweekly pay (e.g. electronically to your bank).
The samples talk about a "LUMP SUM" Payment made up of:
Salary Replacement (8 base weeks + Severance based on Tenure) + Prorated bonus
You have 45 days to return your signed separation agreement. You're paid your Lump sum within 30 days after a "revocation period""
You are incorrect. Salary continuation is definitely biweekly pay. The only lump sum payments are bonus and the long tenure payment.
You've misread what they say. You're Paid a LUMP SUM in the same way you're paid your biweekly pay (e.g. electronically to your bank).
The samples talk about a "LUMP SUM" Payment made up of:
Salary Replacement (8 base weeks + Severance based on Tenure) + Prorated bonus
You have 45 days to return your signed separation agreement. You're paid your Lump sum within 30 days after a "revocation period" of 7 days minimum.
To the Tax question: I think it is better for taxes if your pay would cross 2 years paid wvery 2 weeks. But no difference if all your pay is in the same year.
Got it, the question then is, is getting paid a normal biweekly better for tax?
Can read all about it on T-Nation, search keyword severance. HR will also go over everything should you be affected.
It is all on T-Nation. Search for Severance. 2 guidance. Last few rounds you get a lump sum os your severance pay within 30 days after your 60 day garden leave ends. This time, it says you will get paid every 2 weeks per payroll calendar until your severance pay runs out
Can you please elaborate what you mean my “salary continuation”
Salary continuation this time around