Severance Packages - What Does Your Company Offer?
 

What does your company offer and what is typical for most companies that you know of?

My company offers 2 weeks salary for every year of service, plus 80% of your pro-rated annual bonus target and full benefits during the severance period. There has been talk lately of diluting the packages, which would be bad timing for this ecomony.

What are you seeing out there?

JA

When the state cut loose my wife and me a couple of weeks ago we got 2 days notice and get the fuk out the door.

One week's salary for each year of employment. Benefits cease immediately. This is from a 500+ employee company.

Don

A free diet soda while you clean out your desk. No joke !

my wife got this deal. once they tax the heck out of it, it is really a joke. oh, she got two really awkward "going away" dinner parties.

Here in the cold north (Canada) many companies give 2 weeks for every years service plus depending on your level in the company benefits equal to the severance package up to two years. We have the ability to top up our RRSP's ( RIA equivalent) and depending on the number of years service prior to 1995 addition 3500.00 ability to tax protect per year. Again there may be other perks depending on the company and your position or level. Now this may sound great but don't forget they tax the hell out of us up here for our free so called medical.....

When they shut down my dad's office he got 9 months salary (he was only with the company for 5-6 years). However, that was also about 7-8 years ago. No idea what his current company offers.

Hope I don't find out.

Good grief, nice packages guys. Most get a handshake and directions to the unemployment office.

Neither do I...

Did she take a lump sum or did she have the choice of continuing taking it as regular paychecks until it was all paid to her?

I don't know the details, but it's less costly tax-wise to do the latter.

Last round of layoffs, people got 1 month salary per year's service, capped at 1 year.

Haven't heard what they're giving this time around. I heard they're capping at 6 mths. Still pretty fair

same here.

2 weeks salary for each year of sevice (plus benefits during the severence period). Mine also continued the "supplemental 401k" portion (not a match, just a supplement for everyone whether they participate or not), but that "had" do be in a one time check. I'm nearing the end of my severence, and have started to collect my pension too (at the ripe old age of 48). What's next...I dunno yet :)

ps: While a "nice" package, I'd still prefer they hadn't outsourced our whole IT department. The company certainly wasn't in "dire straits", it was a "choice" and the quality of the outsource provider simply isn't there :(.

That because it's midnight over there when you call the help desk. Now what type of person will be working at midnight (think minimum wage)?

Only "some" of the functions will be in India. This was an American Co. (EDS at the time), and "their" personnel simply weren't in the same league as our in-house staff. Management assumed that many of us would "re-badge" with the provider, but most opted to retire, or simply leave (as I did)...I'd had enough. It was sad to see what was coming (for those that remained), and I'd seen enough of that in my IT career in banking many years ago..."no mas" :). I was a systems programmer/communications specialist, and the quality of the EDS staff they brought in bordered upon pathetic.

I had 9 years of continuous service at Ford. I took the package that gave me 6 months of salary and health/dental benefits. The more recent packages aren't that generous...

Kurt,

How did things go for you guys? Remember that you were concerned about someone else playing some games with you when it happened.

Joe A

Not so good. We both applied at the Attorney General's Office, but no word back yet. I don't have a good feeling about getting on with them as there are few jobs to be had. The law firm that was giving me some part time work has had business slow down for them and so I have been spending time at home. Probably too much time. We are trying to stay optimistic, but at times it is tough to do so. Thanks for asking. SmileWavy

Kurt,

Thanks and keep us in touch, and will keep holding the thought for you and the wife. Something will work out. After all... "one door closes and another one opens"

Joe