Any word on severance being reduced to one week per year of service? Benefits book still shows two weeks per year of service but people are talking about changes being made. Does anyone know for sure if/when this will happen? This is the first time I’ve heard it, so I wouldn’t be surprised if it was happening in 2024.
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Can a rep negotiate a lay off with severance pay
CA is not 90 days. It’s 60.
What is chase severance plan? We all know we just copy them anyway
@1nyy+1q93ATXV
FIB…. displaced in 2012 —18 months of severance .
Fast forward to 2023 -severance package 12mo max. I’m not bi--hing about it, just pointing out I wouldn’t be surprised if max was reduced again
Yes, I am a Director in CIB, reporting to an Exec in Markets. We think CIB cuts are likely in the 10 percent range, which for us is around 700.
: @hqa+1q93ATXV Can we trust you? lol,
Industry standard with our peers isn’t a year max any longer, we are an outlier at this point.
@twk been here since the turn of the century and it was always 2 weeks per year. Which acquired bank did you come from?
Maybe you can chime in, but my boss told me there will be several thousand displacements each month starting in Jan. That would jibe with 25,000 +‐ next year. I am in CIB and we were told 10-20 percent.
It's likely company / HR plants trying to drive voluntary attrition with these fake rumors.
years ago the max was 18 months for 25+ years of service... max now it 12 months, it wouldn't surprise me if it was reduced 6 months in the future.......
Everyone needs to stop with the reduction in severance benefit rumors. They are just that: rumors. I am in HR supporting displacements and I can promise you there are no displacement policy updates, as the policy literally just went through its refresh and published 5 days ago and the changes for 2024 benefits book have already been reviewed and approved and set to publish in January. The severance schedule was not updated so everyone just needs to stop with the gossip on this topic. It’s not happening. At least not now and there have been no plans discussed to change it in the near term either.
that would be hysterical. Jokes on you! LOL
We need a union.
The only place I have ever heard of changes to the severance plan is here. It's pure fearmongering by the lonesome board troll.
Chainsaw is ticked not enough people quit and we are looking at a billion in severance costs. And there’s a lot more cuts to come. I predict it changes. Yes it might draw attention but I dont believe there is any regulation wells would be violating by slashing it to one week per year capped out at 26 weeks.
notice period is 60 or 90 days depending on what state you live in. this is not severance and that's why it's not mentioned anywhere. NY and one other state (montana I think?) require 90 days - everywhere else is 60 days
Severance = 2 weeks for every full year of service, minimum 8 weeks maximum 52 weeks.
Industry standard
It's happening January 31st.
you don't get 90 days in CA. legislature had approved an increase in warn notice to 75 days this year but Governor vetoed it. and the 60 days isn't severance. You still work for the company but in nearly all cases with layoffs they have been making it non-working. It isn't until the end of that 60 days and you no longer work for WFthat your severance kicks in. They could keep you working of they wanted to, law just requires notice. think of it like you giving two weeks notice. also, as others have said, look it up in the employee handbook. it's all spelled out.
If they were gonna change the policy they should have done it before they downsized 40,000+ people over the last few years. Another 25k will likely be canned in 2024, but still, the horse has left the barn on savings that such a change would give us.
90 days is only if you live in NY and CA, every other state is 60 days plus two weeks per year work but there is a minimum 8 weeks. So if you were at WF for two years and live in MA you get 60 days plus 8 weeks. If you live in NY and only been with wells for two years you get 90 days plus 8 weeks.
OP is a senior executive trying to scare people.
@ito+1q93ATXV read the benefits book, there is an entire section on severance.
So, what IS the current standard? 90 days plus 2 weeks for every year you've worked? If true, then (example) 3 years of employment would = 4.5 months severance. I can't find a solid answer anywhere about the 90 days.
This has been posted at least once a month since 2020 when I stumbled on to this site. And yet no changes.
Ffs, people that ask this should receive no severance 🤦♂️
there's a lot of speculation about everything negative, especially on this board.
current plan is industry standard. unlikely that this is where the company would want to draw attention of regulators (yes, they do look at these kind of things)
OP: I meant to say that this ISN’T the first time I heard this so I’d not be surprised if it happens.