I am curious as a former employee and seeking information for current employee on leave. Any help would be appreciated.
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so 26 years of service for the max 18 months of severance. i need to cash out
It is 2 weeks per year up to 20 years. 20 years and 1 day it jumps to 3 weeks per year. Maxes out at 18 months.
I thought it was 2 weeks per year, up to 20 years of service then 20 years of service and beyond it's 3 weeks per year up to 75 weeks total.
you can go on HR Connect and look at the leaving Bank of America tab for info. I think it is actually 3 weeks per year of service, with minimum of 4 weeks and max of 52 weeks. e.g. A new hire with 1 year of service will get 4 weeks minimum severance pay , anyone with 18 years of service will get the max 1 year pay. Lots of ppl actually stick around since they see the 1 year severance as a huge benefit, like a balloon disbursement, which discourages ppl from leaving.
It used to be two weeks for every year of service but did have a cap