One of the 'benefits' of the SUB scheme instead of 'true' severance is that you save social security, and you can concurrently collect unemployment. Believe me, they're not doing this out of the goodness of their hearts. They do this so BNYM saves on social security. There was even a court case a few years back that went to the Supreme Court where the IRS tried to challenge a company's sub plan, but the company ultimately won (to clarify, this was NOT BNYM, but another company). Another example of corporate greed - I guess those billions in reduced corporate taxes were not enough.
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You have to report in weekly to let them know if you got a job or not. No job - keep collecting sub pay. Job - sub pay ends immediately
If you get another job and still collect Sub pay, will they know?
Really s---s if all you are getting offered is short term contracts.
i also don't get the part about giving up the SUB if you found another job before the severance (excuse me, SUB) period runs out.