Can anyone share with certainty what the formula is for layoff please ? There are no go sites or procedures I can see. Anyone know what the time given is ( not just for Bank)
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I received a full year severance from a layoff in May 2023
The information is posted on the go/hr site. You just have to look at the menu.
In 2023 the severance for non-bank employees was 2 weeks per year of service or 2 weeks per $10,000 base pay, whichever is higher. Non-bank employees also received 6 months of Cobra supplemented by USAA at 60% and the employee pays the remaining 40%, which is still very expensive. I believe this was for both exempt and nonexempt, but feel free to chime in if you know differently. I would definitely look at Market Place to see what insurance subsidy you qualify for, based on your circumstance. I was shocked at how little I paid this year through the marketplace. The Bank provides 1 year of base pay, but that may be changing soon. If the severance information is not available on the company website, then it's a good indicator that severance payout is being updated. Also, keep in mind that severance is taxed at a very high rate, similar to a bonus.