Does anyone know if a severance package is guaranteed? I know many employees are sticking around because of the rumor of the severance package but is there actually anything in writing or a contract that states you will get a severance after your laid off? If it isn't in writing, it isn't a guarantee in my opinion.
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I would imagine, like other employee benefits that cost money, they will eventually retire severance. It may be beneficial to find another job and cash out your vacation pay on the way out. Assuming you can get out before you are forced to use your vacation time.
2 words Brightwood College.
The only guarantee you will have is a new job.
When I got the good news that I was laid off in 2016 (my prayers were answered) I was told my severance was $10,000 paid in two week installments. This would be the equivalent of 3 months, but I had to sign something agreeing that I would not talk about the severance nor say anything negative about the company on social media (I immediately thought of this site). So, I behaved for those three months and did nothing to go against the agreement. Naturally, when the severance ran out I was free to share my thoughts. Today in 2019, I would be wary of counting on severance. By the way, the job search company they hire to help former employees is such a joke.
The employee handbook says two weeks for every year with a maximum of twenty six weeks. But I’m sure management wouldn’t hesitate to do away with it....more bonuses for the executives.
Uti has run out of money hence the sudden drive to get vacations off the books. Student counts are much worse than anticipated and continue to drop. Severance was a perk that is no longer an option. They simply can’t afford it anymore. Get out. Now.
If you have a feeling that you'll be next, it's a good idea to spend your free time updating your resume and applying to other companies..
Rumor has it severance is gone... don't count on it...
As a prior UTI people services person told me, severance pay is not guaranteed and was being phased out. Get out while you can. After 12 years at UTI, I was offered 6 weeks severance. A huge kick to the face.