Having accepted a voluntary layoff, under amicable terms I separated from Mega-corp last October. Part of the separation agreement was a severance payout which equated to one week of pay for each full year of service. This is the definition of “Week of Pay” right out of the layoff agreement:
Lo and behold I received my severance check last week to find it to be only HALF of what I had expected. Why only half? It was explained to me by payroll that because on the date that I accepted the VLO I was on the books as a part-time employee. I had gone part-time in an effort to help both parties, Mega-corp and myself, get used to the idea of me not being around anymore. So much for best intentions.
Shame on you Mega-corp. Shame on me for not asking specific questions about the payout.
Looking at that I thought, sweet, that's $X dollars per hour times Y years times 40 hours per week.[FONT=HelveticaNeue-BoldCond, sans-serif]Week of Pay =[/FONT][FONT=HelveticaNeue-Condensed, sans-serif]The hourly base rate of pay, [/FONT][FONT=HelveticaNeue-BoldCondObl, sans-serif]plus [/FONT][FONT=HelveticaNeue-Condensed, sans-serif]Any applicable cost of living adjustment (excluding shift differentials or other premiums), [/FONT][FONT=HelveticaNeue-BoldCondObl, sans-serif]multiplied by [/FONT][FONT=HelveticaNeue-Condensed, sans-serif]The number of normally scheduled part-time or full-time hours in a work week, up to a maximum of 40 hours.[/FONT]
Lo and behold I received my severance check last week to find it to be only HALF of what I had expected. Why only half? It was explained to me by payroll that because on the date that I accepted the VLO I was on the books as a part-time employee. I had gone part-time in an effort to help both parties, Mega-corp and myself, get used to the idea of me not being around anymore. So much for best intentions.
Shame on you Mega-corp. Shame on me for not asking specific questions about the payout.