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Typical severance package for middle to upper middle management
Posted on 9/26/16 at 1:23 pm
Posted on 9/26/16 at 1:23 pm
Having never worked for a corporation, I have no frame of reference for this. A guy I know got laid off late last year from a pipeline company and is still out of work. He doesn't seem to be trying very hard to find a job, but maybe he's still living off his severance. It would be awkward to ask him "shouldn't you be out looking for work?" So I'm asking the all-knowing OT.
This post was edited on 9/26/16 at 1:27 pm
Posted on 9/26/16 at 1:25 pm to Jim Rockford
"Typical" is generally one month for every year worked at the company. I put "typical" in quotes because there isn't really any typical package.
Posted on 9/26/16 at 1:26 pm to Jim Rockford
Most large companies I've worked for average 1 week for every year of service up to 6 months pay.
Posted on 9/26/16 at 1:28 pm to Jim Rockford
those that I have seen typically are one month's pay for every year worked. for front lines folks they typically do something like 6 months pay.
Posted on 9/26/16 at 1:29 pm to Jim Rockford
places I have worked has been 2 months plus 1 week for every year worked. people higher up get extra months based on seniority.
Posted on 9/26/16 at 1:29 pm to Mo Jeaux
I think one week per year is pretty standard. I think that is what government uses.
Posted on 9/26/16 at 1:29 pm to Jim Rockford
The company I work for does not do much so it varies greatly.
Posted on 9/26/16 at 1:31 pm to Mo Jeaux
quote:
"Typical" is generally one month for every year worked at the company. I put "typical" in quotes because there isn't really any typical package.
those days are long gone. Now you might get a week or two weeks per year. if you are senior enough, they will probably put your severance package in your employment contract. But you probably need to be higher than upper middle management.
my company is doing something fun. they tell you are laid off in 60 days. its to avoid reporting rules associated with WARN. It works for some people, but most people hate it.
Posted on 9/26/16 at 1:32 pm to Jim Rockford
The most common is 1 week per year as others have said. My company goes up to 13 weeks.
Posted on 9/26/16 at 1:33 pm to Jim Rockford
In 2009, my company offered engineers 2 weeks for every year of service, plus they'd pay them for their unused vacation and sick days for the current year.
I'm sure the higher ups they sacked got much better deals.
I'm sure the higher ups they sacked got much better deals.
Posted on 9/26/16 at 1:33 pm to kywildcatfanone
quote:
Most large companies I've worked for average 1 week for every year of service up to 6 months pay.
My company gives 4 weeks for every year up to 13 months if you are laid off. If you are fired, you get half that.
Posted on 9/26/16 at 1:34 pm to Jim Rockford
Had a cousin a while back get laid off at Haliburton and was given 4 months. I would think it varies from place to place... Also what is his financial status? Home paid for minimal expenses? Did he set himself up to not have to just take any job? I saved for when I left the Army to live for about a year before having to find a job. He could be good with his finances...
This post was edited on 9/26/16 at 1:39 pm
Posted on 9/26/16 at 1:48 pm to Jim Rockford
I got 1 week per year (12 weeks) + 4 weeks severance after getting laid off 2 years ago. I also got to keep my health benefits for those 16 weeks.
Middle management type job with no direct reports.
Middle management type job with no direct reports.
Posted on 9/26/16 at 1:54 pm to Jim Rockford
I've seen 2 weeks for every year of service. SLB
Posted on 9/26/16 at 1:59 pm to Jim Rockford
3 months pay plus vacation days paid
This is what I got back in the Financial crisis.
This is what I got back in the Financial crisis.
Posted on 9/26/16 at 2:17 pm to Jim Rockford
3 MONTHS PAY, 30 DAYS INSURANCE.
Posted on 9/26/16 at 2:25 pm to Jim Rockford
I've always negotiated this in the employment agreement. Wave the non compete, pay 'x' within 15 days and pay cobra for 6 months. I've always managed to get 6 months to a year severance concession.
This is one of those things that most people don't think to negotiate.
This is one of those things that most people don't think to negotiate.
Posted on 9/26/16 at 2:30 pm to CoachDon
quote:This is rather spartan, traditionally many companies are more generous. It varies with the industry and size of the firm.
3 MONTHS PAY, 30 DAYS INSURANCE.
Posted on 9/26/16 at 2:35 pm to Jim Rockford
Not middle to upper management. But as an entry level employee I received two severance packages of about 2-3 months salary each. With around 30-60 days of health benefits.
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