No sarcasm, please. I am curious as to what is to be expected for those of you that have been laid off. What was the procedure? What did you sign? What did you not sign? What do you suggest signing and what do you suggest not signing? What does the company base severance on for instance weeks pay per Year's of service vs just goodbye? Any info will be very helpful thank you.
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Take it as a badge of honor not humiliation. It’s not so bad on the other side.
When I was called I asked if I should take my stuff and my manager laughed and said oh just one down. Rather me have the humiliation of them going back and getting my stuff and then everyone wondering what happened.
@8irh+1actYtgT, it's SUB (Supplemental Unemployment Benefit) , not severance.
$0 for employee 401(k)
$0 for employer match 401(k)
$0 for community partner
$0 for Fed MED/EE
$0 for Fed OASDI/EE
$0 for vacation purchase
They will take out for
fed withholding
state withholding
bene redirecti
Employee HSA Cont
So if we are signed up to have say 7% go to 401(k), that no longer happens while you are being paid severance?
At BNY Mellon, we make money the old fashioned way: We treat our employees like dirt.
here's the agreement; https://richardwiseman.files.wordpress.com/2011/09/jokes1.pdf
It's actually a pretty nice package which makes it pretty stupid for them to handle layoffs the way they do.
Most don't get a severance package, they get a SUB package (Supplemental Unemployment Benefit) which means you draw unemployment while getting paid. You get 2 weeks SUB pay for every year of service up to a maximum of 52 weeks. Years of service are generally measured from your hire or rehire date and are rounded up to the next full year. To get that you need to sign an agreement which stipulates things such as you won't sue them, won't make comments that disparages, criticizes or reflects adversely on the bank etc. I didn't sign it because my benefits ran out before the timeframe. SUB pay isn't subject to fica and they didn't take out for my 401(k) but they did for my HSA and fed/state taxes.
You are basically asking for the confidential document that I have in PDF on my computer. I can't disclose this to you. But overall, the company will find ways to gain profit on you one way or other. Company will always be the winner, and the employees will always be the losers. This is a game about profit.