Severance policies

What is your company's severance policy? How many weeks per year?

Also if you can say what industry you're in, that would be helpful.

Re: Severance policies

I think we are 3 weeks for every year.

banking

Re: Severance policies

I don't know that we have a severance policy because layoffs in my sector of the legal industry are very rare. My frim didn't even have layoffs after 9/11. We did layoffs this year for the first time in probably 40 years and those who lost their jobs were all given 3 months salary and all unused vacation, regardless of position or seniority. I'm in law and the people laid off were either attorneys, secretaries, or other non-legal support staff.

Re: Severance policies

I don't know what the policy is, but I received the equivalent of 3 months pay. I was in the financial industry, but working directly for a property management firm.

Re: Severance policies

2 weeks for every full year puls one week up to six months, 2 wks over six months- minimum four weeks, max 52 weeks (xcept Directors).

Telecom

Re: Severance policies

travel - the policy of my last company was 2 weeks for your first year, then an additional week for every year of service thereafter. you also get paid out for unused vacation time.

Re: Severance policies

Three months for everyone, regardless of service.

Then, two weeks for every year of service.

Tobacco industry

Re: Severance policies

used to be 2 weeks for every year plus 6 months of what Cobra would cost.

I heard now it's only 1 week per year I really hope that's just a rumor!

eta: technology industry

Message edited 12/4/2008 9:39:52 PM.

Re: Severance policies

Re: Severance policies

wow, thats some pretty good severances.

mine was...yep, 0.00

Re: Severance policies

At FH's job, where my BIL was laid off, it was 3 weeks pay, Christmas bonus and benefits till 1/1.

Re: Severance policies

Re: Severance policies

Since mine was a corporate split it might have been different. 4 weeks for every year of service,(medical benefits included for the time period) plus unused vacation days

Entertainment Industry

Re: Severance policies

we also give benefits for the severance term and cobra after that of course.

Re: Severance policies

Publishing (BTB, not consumer)
3 weeks for every year plus covered insurance until the end of severance pay.

Re: Severance policies

2 weeks per year of service.

Travel.

Re: Severance policies

I don't think my old company had a policy.. They just gave me 3 weeks and I was there a total of 7 years. I was there from 1999-2001 left and went back in 2003.. then was laid off this past October.

Re: Severance policies

Layoff #1 - Bank - Asset Management Division (2003)
My termination date was 60 days from the date that they told me my position was being eliminated. I received full salary and benefits. Once the termination date came, I got 3 weeks for every year of service plus 2 months of COBRA.

Layoff #2 - Software Company - mostly internet relate (2005)
I got 2 weeks for every year of service.

Layoff#3 - Advertising Agency (2007)
I got 2 weeks for every year of service.

Re: Severance policies

I worked for my company almost 6 years when I was laid off in March. I received 6 weeks severance...plus another 2 for the 2 weeks notice they felt they should have given me. They also paid 1 month of my Cobra.

I worked for a Mortgage Company

Re: Severance policies

we got a good one, up to 4 months total. it's an internet company.

Re: Severance policies

Current job = nothing

Corporate experience:

"severance" and "weeks of notice". This is a very important distinction because people confuse both.

Severance = sum of money and benefits given depending on years worked REGARDLESS if you have a job or not before the end of the severance.

"weeks of notice" (sometimes called differently) = sum of money and benefits given depending on years worked for a number of weeks UNTIL you have a job if it falls before the set end time of benefits.

That's very important because in the 2nd case scenario, people think they can find a job (before their severance money and benefits end) and get the severance on top of that. And they can't.

So, my experience. 1st company I had, "real" severance, 1 week per year work with 4 weeks minimum, max of 26 weeks.

2nd company, "weeks of notice". A bit over 1 week per year work (they had a table with all weeks allowed per year worked. 10 years experience for example was 12 weeks for non exempt employees, 14 weeks for exempts) with a minimum 4 weeks and a maximum of 22 weeks.

Message edited 12/13/2008 10:06:09 PM.