Just curious how the Severance pay out works. I know that you receive two weeks of pay for every year you work with Citi (so 3 years would be 6 weeks of pay), and vacation time paid out is also clear because you just get the balance you have, paid out to you. My question is on the qualifying separation event pay out. If you make 100k or more you get 12 weeks of pay for each qualifying event. I believe that I qualify for 4 qualifying separation events, which means I would be paid out 48 weeks? It just seems like a lot of money that Citi would owe you and I just want to make sure I am reading the information in the "Seperation Pay Plan 2023" PDF correctly.
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You receive the higher of the two severence calculations, either the number outlined in the table or the calculation # of years x 2 weeks.
Also you only get severance for 1 qualifying event at a time. For example, if you were to get laid off at CITI, come back and get laid off again, that would be 2 qualifying events and you would receive severence be both times
Hope this helps
Simply means if you make $100k you will get minimum 12weeks. So if your tenure is less than 6 years you are making out. You are not getting 48 weeks.
Following. I had the same questions upon reading that PDF.
May I know what is “ qualifying separation events”?