I am getting mixed messages on severance. If you find a new job, it stops? Can this be negotiated?
Thanks all
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It's on the honor system that you inform them you were hired because BNYM has no way to verify if you become employed before your SUB payments were scheduled to end. I know some people that received SUB payments for this whole year so far and were employed back in May.
Negotiate this
Beware, there is a claw back provision on the SUB payments.
You can ask for the supplemental package which allows you to find another job and continue to be paid by bank.. this is the only place in my career where I’ve seen employment benefit package stop when you find another job. Push for supplemental package ....
And it’s NOT negotiable. You accept their terms or leave it in the table.
Yes it stops because it’s not severance - it’s supplemental pay. You collect it at the same time you collect unemployment benefits. Once you get a job, they no longer need to ‘supplement’ your pay so it stops. I have heard where people don’t report that they got a new job though and keep collecting. Apparently the supplemental pay is based on the honor system.