I work at Washington Mutual - Are there circumstances where I might not receive severance if I am laid off?
What if the company goes bankrupt...would I still receive severance if this happens? Or what if just my division goes under (I work in the mortgage division)...could I still get it then? I have worked here for 7 years so I would hope that I would get somthing!
Personal Finance - 1 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
If WAMU is like most major companies they will provide a written plan for how severance works. Two things that may affect you are: 1. Separation date... If you leave before the comapany wants you to leave (such as if you find a new job) then you may lose some or all severance pay. 2. The company will probably ask you to sign a waiver that prevents you from suing them for almost anything that happened while you were employed by them. If you sign it they will offer you the "good" severance package. If you don't they will offer you a weak package. It is called "financial incentive" and its perfectly legal in most states. Of course poor performance near the end of your employement could get you fired (no package) as well as hurt your chances of getting a new job elsewhere so keep up the good work right up to the very last second. "Don't burn your bridges" as they say.
What if the company goes bankrupt...would I still receive severance if this happens? Or what if just my division goes under (I work in the mortgage division)...could I still get it then? I have worked here for 7 years so I would hope that I would get somthing!
Personal Finance - 1 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
If WAMU is like most major companies they will provide a written plan for how severance works. Two things that may affect you are: 1. Separation date... If you leave before the comapany wants you to leave (such as if you find a new job) then you may lose some or all severance pay. 2. The company will probably ask you to sign a waiver that prevents you from suing them for almost anything that happened while you were employed by them. If you sign it they will offer you the "good" severance package. If you don't they will offer you a weak package. It is called "financial incentive" and its perfectly legal in most states. Of course poor performance near the end of your employement could get you fired (no package) as well as hurt your chances of getting a new job elsewhere so keep up the good work right up to the very last second. "Don't burn your bridges" as they say.
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