I heard that the standard severance package at State Street is 2 weeks for every year of service, with a 10-week minimum. However, I'm wondering whether this severance package is offered on top of the 2-month period between the notification date and the termination date (i.e., 2 months on payroll without active work), or whether it's offered instead of those 2 months on payroll.
11 replies (most recent on top)
@1ve Yes it applies to you, 10 weeks is the minimum.
Anyone notified earlier than the Sept 23rd date?
@1sz I only have 2 years under my belt so 1 month of severance is kinda sh---y. I thought I heard some where that 10 weeks is the minimum, I wonder if that applies to me?
I moved on from the layoff heartbreak from STT but as per when I left, they do pay severance of 2 weeks for every year you worked there up to a maximum of 52 weeks not at once but bi-weekly (as if you are still working) and the health insurance premiums remain the same during the severance pay period but you have to pay directly to their service provider (at the time it was Fidelity). You can collect unemployment at the same time as the severance in Massachusetts but STT has to sign off. Also in MA if the state unemployment agency puts you on the Reemployment Services and Eligibility Assessment (RESEA) you have to fill out an online form for your job searches (3 every week for 30 weeks). STT does make one sign a non suing agreement as part of the severance package though it worded in include a clause stating "as long as no laws were broken.
Actually, in Massachusetts, you may collect unemployment while receiving the severance. The severance package has no bearing on your eligibilty for unemploment benefits.
It’s starting from your last day at the company. I had about 2.5 months of notice
Nobody from talent helped me since it’s all in India ( from the calls I got) they had no interest In helping me look internal
I got 2 weeks per year of service but you can only get up to 52 weeks. Then in ma you can. Collect for 30 weeks
From what I was told you’re still considered a regular employee and on payroll if you opt to stay and try to find another job with internal talent marketplace. If you don’t find an internal role by your termination date, you would sign release of claims to get severance, and I was told in MA you would also be eligible for unemployment. They also tell you someone will reach out to you from Internal Marketplace to help you, but I feel like you have to keep asking them to connect.
It depends how long you have been there and you can collect unemployment in new jersey at the same time but after a month they will want to know where you have applied.
You're supposed to work the first month sfter being told, then second month focus on job search. Then on your termination date starts 10 weeks of sevrence
It's from the termination
i would be surprised if its not the termination date