Triple Dip

[tryan]

Had may exit interview Monday - yahoo! - and was surprised that the first month will have 3 company paid sources of income:

1. They lump summed 5 weeks of vacation; expected this. Was also surprised by the taxes pulled from the check - ouch!

2. severence/continuation pay - only 12 weeks for me; but better than nothing

3. Unemployment - starts next week after a 1 week lag.

Hard to imagine many in the department opted to "find work" rather than coast for 1/2 a year (unemployment is 26 weeks).

Nice way to begin ... really eases the transition.

[Martha]

Ah, you passed to the other side. Congratulations!

[Nords]

Quote:

Originally Posted by tryan Was also surprised by the taxes pulled from the check - ouch! 2. severence/continuation pay - only 12 weeks for me; but better than nothing 3. Unemployment - starts next week after a 1 week lag.

If you're getting lump sums and other checks, better review IRS 1040-ES and see if you owe estimated taxes. Your next payment may be due in mid-Jan!

[Patrick]

Quote:

Originally Posted by tryan Had may exit interview Monday - yahoo! - and was surprised that the first month will have 3 company paid sources of income: 1.* They lump summed 5 weeks of vacation; expected this.* Was also surprised by the taxes pulled from the check - ouch! 2. severence/continuation pay - only 12 weeks for me; but better than nothing 3. Unemployment - starts next week after a 1 week lag. Hard to imagine many in the department opted to "find work" rather than coast for 1/2 a year (unemployment is 26 weeks).* Nice way to begin ... really eases the transition.

I thought unemployment was paid by the state?* Anyway, sounds like you got a smokin' deal!*

I know several people who went back to work early because they couldn't get by on the reduced unemployment amount.

Good luck in your retirement!* I hope to join you soon.

[retire@40]

Quote:

Originally Posted by Patrick I thought unemployment was paid by the state?

It is. It's a benefit every wage slave gets in every corporation.

[Patrick]

Quote:

Originally Posted by retire@40 It is.* It's a benefit every wage slave gets in every corporation.

OK, I was just curious because Tryan characterized it as a company-paid source of income.

[MJ]

It's just part of the benefit of getting canned.
Who cares where it comes from, although, I thought that the company that lays you off has to pay 1/2. I hope it's true as it would make my layoff (ER) just a tod sweeter, knowing the company footed 1/2 of the unemployment tab as well.

Have fun tryan.

MJ

[wabmester]

Quote:

Originally Posted by Patrick OK, I was just curious because Tryan characterized it as a company-paid source of income.

It's paid by the company indirectly. Companies pay for unemployment insurance. And I'm pretty sure their rates are proportional to how many of their ex-employees take the benefit.

[vic]

Quote:

Originally Posted by tryan Had may exit interview Monday - yahoo! - and was surprised that the first month will have 3 company paid sources of income: 1. They lump summed 5 weeks of vacation; expected this. Was also surprised by the taxes pulled from the check - ouch! 2. severence/continuation pay - only 12 weeks for me; but better than nothing 3. Unemployment - starts next week after a 1 week lag. Hard to imagine many in the department opted to "find work" rather than coast for 1/2 a year (unemployment is 26 weeks). Nice way to begin ... really eases the transition.

Congrats! I also had my exit interview last Monday. Same here: 12 weeks of severance pay and lots of vacation payout. I almost wonder whether we were with the same company......

I was given notice ~2 months ago. The company philosophy was that this allowed the 'unfortunate' folks to look for a job internally or externally. If you found something before the big date, you would lose all layoff goodies. I saw that advance notice mainly as a way to completely wind down.

However, prior to the big date HR would not leave me alone and kept on getting me all these wonderful internal jobs that I really should apply for (uugh, fab manufacturing....80+ hour workweek). At the end I almost had to get physical with her to get her to stop and kick her out of my cube. Both me and my cube neighbor were absolutely estatic about our triple dip package. She had to tell her boss to please stop extending her layoff date. Virtually everybody else who was laid off started panicking and looked for a new job. I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.

I noticed that it really pissed off my director, manager and HR person that I showed no interest in any cube farm job career with the company. My lack of financial hardship was also obvious and I think that made them even more insecure.

Anyway, enjoying the freedom now..... How nice to be able to walk outside in the morning and feel the wind through my hair and the sun on my skin. The vacation pay should be in the bank tomorrow....

Vicky

[MJ]

Quote:

Originally Posted by vic I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.

I wish I could have done that as well but I got my notice 6 months ago which came with triple dip benies as well. I was worried about waiting 8 months to begin collecting UB, as they say, bird in hand ......

[MRGALT2U]

Quote:

Originally Posted by vic I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.

When I was working I used to try shifting income from one year to the
next, and I remember "income averaging". That was interesting.
Now, I still do this, but instead of trying to lower my income tax bill
I am trying to keep it where it is..........zero.

JG

[tryan]

All,

Thanx for the kind words (was out of state for a week long "victory tour")'

Quote:

I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.

Vic,

Check your state laws. In MA any delay of unemployment bennies is a lost claim. Can only "collect" within the 26 weeks following the job lost. You state might be different ... but it'll pay to check.

[vic]

I have been too busy to look into it so far

My HR rep told me that I should apply preferably after my severance runs out. However, so many things she said were wrong (she still can't get it right after that many layoffs).

I will definitely check into it.
Thanks,
Vicky