If you really need to ask how they will payout 34 weeks of compensation via semi monthly checks you deserve to be let go.
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Hate to ask, but I shall. BOA pays twice monthly, not bi-weekly. So, how the heck do they figure 34 weeks into a twice monthly pay scheme? I was guessing it could just be one paycheck for each "year" rather than actually trying to diddle about distortion of pay trying to fit the pay scheme into the severance guidelines. Now I'm guessing they actually split the difference just to screw you as much as possible and prorate any discrepency in their favor.
Partial year is not prorated. I worked for BAC for 17.5 yrs (got laid off last month) and was awarded 34 weeks of severance (2 weeks x 17 yrs = 34 weeks).
It is based on the last full year of service. I was 1 month shy of my anniversary date and was given severance for the lower number. BAC looks for ways to trim severance any way they can.
Guess they changed the rules then. Laid off in 2014 and partial year was prorated. Bank is getting cheaper. Be glad you are out of this toxic atmosphere.
The partial year is not prorated. You have to have hit your anniversary date at try time of the actual layoff to get credit for the extra year of service. So if you're at 14 years and 11.5 months, you'll get 2 weeks for each full year which would be 28 weeks.
When my coworker was let go he was at 14 yeas and 10 months and his severance was based upon completing 14 years. He called HR and they said sorry you only had 14 full years. From his experience it wasn't pro rated. This was from a layoff towards the very end of 2015.
My understanding is that the partial year is pro-rated