Can anyone provide info on severance packages? 1 or 2 weeks pay per year worked? Only given 2 weeks pay no matter how long a person was employed?
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For those of you that can't find the severance plan in my HR, you can go to the Google machine and type in "U.S. Bank Pension" and you will find it there. From what I can tell it is the updated plan. As others have said it goes by years service and pay grade. Generally two weeks for every year for people who have been employed by the bank for 15+ years and one week for every year employed by the bank less than 15 years. The maximum seems to be 52 weeks for everyone. Minimums depend on pay grades. Also, evidently some states may have additional requirements but that is not specified in the document.
Seriously laid off after 36.5 years? I’m so sorry. I was let go after less than 15, but I will make it - I’ve still got years ahead. Best to all of you affected.
Job grade 4-13
4 weeks minimum /52
Weeks max
00-14-16 12 weeks min/52 weeks max
17 +
26 weeks min/ 52 weeks max
One week for each year if less than 15 years or 2 weeks for each year 15 or more years worked
You can find the document on MyTotalRewards (go to myHR and then the MyTotalRewards under pay and compensation and search “severance” at the top)
After 36 1/2 years, I received a one year severance package and insurance for 6 months at the rate I paid while employed.
It varies based on pay grade, years of service and local laws.
If you search on the MyHr site you can find the document that details the calculations.
Iirc it’s two weeks of severance for every year of service if you worked greater than 15 years. It’s one week of severance for every year of service if you worked less than 15 years.
However different pay grades have minimums and maximums. A grade 11 who worked for 5 years might get 5 weeks but a grade 18 who worked for two might get six months.
That document will will let you calculate what your own would be.