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Thread: severance pkg

  1. #1

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    Default severance pkg

    I found out this week that should i be layed off.. i would get 1 week's pay for each year of service. up to a max of 15. I've been here 16 yrs. plus any unused vacation and sick days.

    does this sound good, great, or bad.

    this is all new to me.

  2. #2

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    Sounds pretty fair to me. They AIN'T gots to do ****!!! The best I've ever gotten was a months salary, not including bonuses.
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    I would consider that a weak severance package but it's better than nothing. Normally you don't get sick days paid, you lose them.

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    Sounds pretty good to me, considering severence is going the way of the dodo in most companies.
    If you will it, dude, it is no dream.

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    Yeah, they don't have to do anything, so take what you can get. Are they looking for volunteers at this point or are you already out?

  6. #6

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    ...all depends on why they're laying off staff. If you're company was acquired and the buyer is laying off, you'll usually do a little better than that. But if the company is reducing staff levels on their own, they, as ND13 pointed out, don't have to offer you anything. If that's the case, you're not in bad shape.

    FYI- If you're a key employee and are asked to commit to stay on until you're layed off at a predetermined date, go get yourself a big fat RETENTION BONUS.
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  7. #7

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    Al,

    Aren't you Unionized?

    Plus, about the only people that get better severance packages than the one offered to you are Executives.
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  8. #8

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    Quote Originally Posted by ND13
    Plus, about the only people that get better severance packages than the one offered to you are Executives.
    Depends on the company. I guess I spent ten years in the right company if 1 week for a year is what is considered good. I was actually looking forward to being laid off and was very happy when it happened.

  9. #9

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    That's better than nothing, which is what most get.

  10. #10

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    4 months pay...plus is real good. Last company that gave the the ax, paid what was due me for time. Left me in a real hard spot.

    Welcome to the club.

  11. #11

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    That's what our company does too (except for the sick days, which they don't track anymore. You just tell your manager you're sick, and its up to them to make sure it doesn't get abused).

    They also add a small amount for re-training and limited health coverage for 90 days.
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    Everything alright over there Al?

  13. #13

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    No worries where i am at.. but other people in other locations in the company are being offered the severance package... plus also 1 yr of health insurance.

    At this point no lay offs are expected at my office. And yes i am unionized. :)

  14. #14

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    One year of health insurance is really nice, and not cheap either for the company.

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    Sounds OK to me. Face it, they don't have to give you jack if they don't want to. Sick leave is a nice bonus for them to give you.
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    Some companies spell out the severance package in the employee handbook. My previous employer pays the greater of 2 weeks for each year that you worked or 2 weeks for each $10000 of your salary and bonus, but capped at 26 weeks. Several of us, including myself, volunteered to be laid off when the employer cut back its workforce several years ago. But we all got rejected.

    You can look for a new job and try to volunteer for the laid off after you secure the new job.

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    Sounds ok and it gives you time to get something else. You could actually be ahead of the game if you find something fast.
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    you could end up with what? 10 - 15k depending on what ya make.. how is this a bad deal? if the lay off is going to happen regardless.. some companies offer nothing and some are way better then average.. I think yours is in the middle of good.. Good luck AL :)
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    I am in a similar situation but whats interesting is that it is my choice on what to do. 12 months pay, 18 months insurance and all expected bonuses for 2006 with the option to push payment into 2007 so I get the tax relief from this year. This is pretty tough for me to pass up... bird in the hand is the way I look at it plus there are some very interesting opportunities right around the corner.

    Since I joined the Army at 18 I have never not worked and I think a good 6 month vacation has my name written all over it. Fortunatly, I have no overhead so its all about taxes and insurance. I figure I'm at 50% of my total career time so I want to be very carefull regarding my decision and for me job satisfaction is my number one concern.

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    Last edited by HBombToo; 08-11-2006 at 12:35 PM.
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    Quote Originally Posted by HBombToo
    Since I joined the Army at 18 I have never not worked and I think a good 6 month vacation has my name written all over it.
    Be careful with that, it can be dangerous depending on the field you're in.

  21. #21

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    Understood Sami...
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