I recently went through a round of layoffs and thankfully kept my job, but I learned about our severance benefits and they seem a bit low compared to what I remember. It's been ages since I received severance, so I'm not sure what the norm is these days. For reference, here's what I gathered: if someone has been with the company for 1-2 years, they receive one or two weeks of severance. After about 10-15 years, it's six weeks, and for those who've been around for 20-25 years, it's 12 weeks. I'm curious—are these amounts typical or do they seem on the low side?
4 Answers
You might find that severance depends a lot on the financial health of your company at the time of layoffs. I've seen some places only offer one week per year, but big firms might do two weeks or more. It's all about the company's situation and negotiations.
From what I've observed in tech, two weeks plus one week for every year of service is pretty standard. For instance, Broadcom/VMware offered around that for a massive layoff a few years back. Other industries might offer less though, so it really varies.
That’s interesting! I had 26 weeks after 16 years at a health insurance company. Definitely worth pushing back if you feel the offer is low!
In the U.S., a week of severance per year of service is pretty standard. Some people have gotten lucky with 1 month for every year, but that’s becoming rare. You could maybe fight for more if you feel it’s too low, especially if your company is large enough to have funds for severance.
Absolutely! It’s good to consult a lawyer if you think the offer isn’t fair. I managed to turn my two weeks into 14 months after 19 years with some legal advice.
It sounds like you're getting severance? That’s a plus! In my experience, severance packages vary widely. I once got two weeks but after a teammate spoke up, it jumped to eight weeks due to some union negotiations. Seems like it can depend on company strategy and employee pressure.
Definitely, and sometimes companies get stingy with later layoffs. I've seen them cut back on severance offers as the situation gets tougher.
Right? I've been in situations where the package was better just because the company was doing well, even though they were laying off.