I’m hoping someone can be kind enough to tell me what is provided in the layoff package? Salary is for every 10k 2 weeks paid? (Been with USAA 7 years) ? But first, you get a 90 day notice? Benefits? I’d really appreciate it if anyone can give me the breakdown? And is it a lump sum or paid month over month? Thanks
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@sk when you get the 60 days notice, you’re still employed but classified as a “non-working active employee,” which means you can still be terminated during that timeframe and lose your severance.
@sk yea I thought it was 2wks of pay per year worked under the enterprise and bank policy? So could have worked 15 ish years and get 7 months worth of severance. I am not aware of severance being capped at 1/2 salary.
@pw are u not allowed to get another job with the severance package ? How did they calculate you got 7 months paid ??
It’s a 60 day notice, and a lump sum payment you’ll receive roughly 15-17 days after you sign the severance agreement. I was part of the January 28th layoffs (5% impacted), i received only 7 months of severance, after taxes my payout was $48k. I was able to land an external role at Wells Fargo during the 60 days, I didn’t tell HR, just milked the USAA pay until the last possible day which was April 17th (got a 2 week extension since I had an interview on 4/3 which was my original last day).
FYI- you’ll be surprised how much cheaper it is to pay medical bills with CASH. Always ask for cash bills.
It’s also a 60 day notice not 90 days
@OP lump sum - taxes. So make your calculation and take ~ 40% out. When I was laid off it’s when we got a full year of severance. My annual salary was $217k. My actual severance was $137,000.
You get benefits ONLY if you pay into cobra. For a single person it’s about $780/month. It goes up drastically if you have a spouse. It’s insane if you have kids. Basically if just go on aca site for benefits. You’ll get to keep life insurance- ONLY if you pay the unsubsidized cost. Dental and vision are only available if you currently have it and you buy into cobra. Again you’ll pay the unsubsidized price.
All other benefits (like pet health / Norton life lock/ gym / remote benefits) go away immediately.