Someone mention this before but what exactly does this mean? Does this mean someone who came to BNY from PFPC acquisition is entitled to 6 weeks of sub pay for every year employed?
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Yes, I got 9 months full pay and benefits for my 18 years of service with PFPC/BNY.
@4jst so they counted your previous service with PFPC in calculating your sub pay?
I was with BNY from PFPC, 18 years total, and I got 2 weeks for every year.
"EMEA" consists of at least 20 different countries, spread over 3 continents. There is no "standard" severance obligation across these numerous jurisdictions. The UK is covered by Statutory redundancy law, not by industry expectation. In the UK, BNYM offers 2 weeks per year worked for grades below M.
I suspect it is the standard EMEA severance package regardless of whether the employee was acquired via PFPC. It is in line with industry expectations in the UK.