It seems that BNY have many different redundancy packages depending on where you are based. Would be interesting to hear what they are. Heard the UK is being offered 2 weeks per year When Ireland are being offered 4 weeks per year. How can they make such a difference. Surely we’re all one company.
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@g1+1jmvtw3dy
Neithet is the US you dunce. The point is, people get axed globally because of it. The EU comment was made by someone else and it demonstrates what the mgmt is up to. Do you understand finally?
@c5+1jmvtw3dy - UK isn’t in the EU…..
Indeed! But as the staying goes: buy cheap, buy twice.
—Thankfully EU laws are generous—-
And now you realize a major part of the rationale on why this bank’s loathsome leadership in wants to axe US and UK workers.
Not only do they cost too much to them, but legal implications are a headache. So, go cheap and go where there is a lack of labor laws.
There is no federal law in the US that dictates how much severance BK has to provide. Other countries have better employment laws as far as redundancy is concerned. For example, in MA employers are only required to provide 2 weeks notice. Not per year of service, just two weeks flat.
Ireland is 2 weeks statutory from government capped at 600euro per week + 1 extra week (provided you've worked for the company for 2+ years) Tax Free
And BNY pay 4 weeks per year full wages discretionary.
Someone working 10 years with the company would get 40 weeks full pay and 21 weeks capped at 600.
Nice package. Not sure of tax implications on discretionary portion.
Thankfully EU laws are generous.
If I were to be laid off then i would recieve approx 4 weeks pay per year.
Different countries have different laws
You get redundancy pay?😳
UK usually get 2 weeks pay per year as discretionary redundancy pay. To accept that the employee has to sign a waiver they accept their redundancy and won't take legal action.
Remember, additionally UK staff will receive statutory redundancy pay as well, providing they have been employed for at least 2 years.