2 weeks severance per year of employment.
Complete crap.
And train the newbies.
It’s happening in almost every public company as they try to please Wall Street’s insatiable need for earnings growth every year. Some on my team are training offshore replacements this month. I work for a large publicly held company. Conditions for the workers are slave-like in India compared to the U.S. It seems globally unethical to me. Also the savings promised by the outsourcing management firm are not going to happen. They promised the world to some high level execs. Service and internal controls will suffer, and onshore folks are going to have to work ridiculously long hours. Our severance package is similar to SunTrust’s without the 2-year on call clause.
That number of weeks is also the number of weeks they won’t be able to collect unemployment.
Fairly standard. If a company is being taken over, there are sometimes additional incentives to stay to a certain date to assist in the transition.