We know HP is gearing up for layoffs because they changed their severance package this week slashing it from a week for every year of service to 11 weeks and 2 days for every year of service after that. Typical Meg move. Typical HP, just keep paying Meg to run HP right into the ground and she will take the money and run laughing all the way
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Is there any links that depict the specific verbiage contained in the Waiver and Release Agreement ?
60 days notice is required by US Law. Worker Adjustment and Retraining Notification Act (WARN Act)
I should add there are 3 lump sum payments that are made. They are:
1) 60-Day equivalent
2) Benefits check
3) Cash Severance (only if you sign the waiver)
So again, yes you do receive the 60 day equivalent.
You still get the 60 Day equivalent.
"The Cash Severance Payment will be reduced by the 60-day pay equivalent advance payment that you receive shortly after you leave HPE."
The 60-Day pay equivalent is provided in lieu of the WARN notice. It's the first lump sum you receive after you leave HP. Instead of warning workers they will lose their jobs in 60 days during this mass layoff, HP has agreed to just pay their workers to leave quickly. This is not a severance payment.
The Cash Severance Payment is the 11 weeks of pay minus the 60 day payment. Depending on how long you worked, if it's been over 11 years then you get more, like in the example above.
Yes it's confusing. Somebody should be fired for writing it up this way. I had to read it 20 times before I understood it.
To answer the earlier question, yes, you get the 60 day pay equivalent too.
The 60 Days Pay are "deducted" from the Severance Package (NOT added), that one receives. So instead of 11 weeks minimum pay, it is really 11 weeks minus 8.5 weeks, for a whopping total of 2.5 weeks of pay for anyone with 11 years of service, or less. If over 11 years, the remaining Severance is 0.4 weeks salary/pay (less than 1/2 week) added for every year above the 11th year.
Where does the 60 day come in? So you get 60 days pay too?
Your analysis of 60-day's pay should be 12 x $1,200 = $14,400 since you get paid for 5 days per week not 7.
IBM Cut the package too
It wouldn't surprise me if Meg cuts the package. All these CEO's keep coming in, cut the headcount and walk away with Millions. What a joke!!!
seems like a slap in the face for the long term employees.
Sorry to read this, I feel lucky that I was part of the late 2014 WFR.
PS: for the poster that had the question on unemployment. In the US, you are entitled to receive your unemployment benefit starting the first day of your separation, as HP has ended your employment by terminating your position. This will NOT impact your severance.
Does the severance agreement state the separation is voluntary on the part of the employee, or is it still possible to receive unemployment benefits?
So the rumors we heard came true. Thank goodness I got laid off in January before severance cuts. I knew it was better than working for a company that cares so little for their employees.
I took the WFR package in early December 2015. The verbiage is the exact same as my package, except the original package was 1 week of base pay for each year of service greater than 11.
As expected, and noted on these boards HP has again kicked us in the nuts.
Q: What can I expect to receive as a severance payment?
The amount of your Cash Severance Payment will equal 11 weeks’ Base Pay. If you have more than 11 years of qualifying service with the company, you will receive an additional 0.4 week’s (2 days) Base Pay for each year of qualifying service beyond 11 years. The Cash Severance Payment will be reduced by the 60-day pay equivalent advance payment that you receive shortly after you leave HPE.
Note: Your years of continuous service at an acquired company will be included in this severance calculation only if HPE agreed to include such service in connection with the acquisition of that company.
Below is an example of the Cash Severance Payment:
John is a Plan Participant. His Weekly Base Pay is $1,200 and he has 16 years of qualifying service. John is not entitled to shift differential, monthly on-target earnings or other additional compensation. John remains an employee of Hewlett Packard Enterprise and does not accept or start another job at Hewlett Packard Enterprise during the WFR Redeployment Period. If John signs and does not revoke the unaltered Waiver and Release Agreement within the specified timeframe, then John will receive a Cash Severance Payment of $5,314.32, determined as follows.
Minimum severance 11 times Weekly Base Pay (11 x $1,200)
Plus 0.4 times Weekly Base Pay for each of John’s 5 years of service in excess of 11 years (0.4 x $1,200 x 5)
Minus 60-days’ pay (8.5714 weeks x $1,200 per week)
Remaining Cash Severance Payment
Have a link to this information?