I think during reinvent that severance pay was pretty generous. But I also heard at that time that it would be be as good Im the future. I just want to know what to expect if I get let go.
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@2fr1 how about other package such as bupa got extended to how many months?
And outplacement support did you find useful?
Do they count complete years?
Which area is the reorg affecting? Is it technology again?
I was made redundant in the UK recently and received 6 weeks pay per year of service up to the maximum of 24 months. It was calculated using my end of 2021 salary.
IIRC, 6 weeks per year of service is for employees who joined BP before 2010.
Join between 2010 to 2021 and it is 4 weeks per year of service and calculated using end of 2021 salary.
Join after 2021and it is 3 weeks per year of service and based on salary at time of leaving.
BP will calculate two values based on pre and post 2021 rules, and give you the higher of the redundancy amounts.
I was time served and joined much earlier than 2010, so received the full 24 month payout, but it was based my end of 2021 salary.
Your payout includes statutory, and there has been no change to UK DERT recently.
If you are time served and heading towards retirement (or even a few years away), it is a no brainer IMO.
DERT still there in the Uk but less accrual than it was prior to reinvent
No EOI nor enhanced redundancy packages this time around, for those unplaced without a role due to simplification, downsizing departments it will be statutory redundancy pay in accordance with local laws. For UK there is a calculator https://www.gov.uk/calculate-your-redundancy-pay
One month of pay per year of service. Rounded up if you pass a service anniversary date.
Let’s goooooo
Had a family member that was let go last October. He said it was the same package.
It was a way to entice people to leave in 2020.
$1.25