Severance

Quote
























Anonymous said:
No wonder my friend with 20+ years got a monthly check for a year with the package. Can you then collect unemployment after that?
Click to expand...

Unless they specificlly single people out NOT to get UE, I'm pretty sure you can file to collect as soon as you're layed off. In PA, there is no payment for the first week out of work, but you can file online every 2 weeks for the 2 previous weeks that you were out of work and you'll get paid even if you're getting severence payments during that time.

You aren't employed while you get the sevvies, so you are eligible for unemployment. At least that's how it worked for people I know.
 






Clearly each state administers these things separately. In my state, after you call in to request UI for the previous week, you are asked if you have collected any severance, vacation pay, social security or pension - or have earnings form a part time job.. The UI is then reduced by that amount. If you report any income which comes close to your previous weekly income you are deemed NOT eligible for UI and you are kicked out of the program, forcing you to reapply when you no longer are collecting significant income.

Makes sense when you think about it.

FYI: maximum UI is no greater than 30% fo your former salary, up to a predetermined amount. So, those of you who were making the BIG BUCKS wil see a significant lose of spendable monies.
 






yeah, best strategy is to find another job, any job, at once (for me it was cso) double dip and use the income towards savings and to pay off debt. then if you have to go on unemployment when severance runs out and, if possible put that away too. at this point hang on because now things are really gonna get tough. thanks merck for kicking me to the curb during the greatest recession since the 30's. I'll never forget and never forgive.
 






Anonymous said:
yeah, best strategy is to find another job, any job, at once (for me it was cso) double dip and use the income towards savings and to pay off debt. then if you have to go on unemployment when severance runs out and, if possible put that away too. at this point hang on because now things are really gonna get tough. thanks merck for kicking me to the curb during the greatest recession since the 30's. I'll never forget and never forgive.
Click to expand...

That's sort of what I'm worried about, so I'm already putting out feelers and hoping that I can somehow get a package and have it work out that I literally have the package, a new job lined up and two or three weeks off in between to decompress from the dysfunction of this place and the anxiety its created for me. Completely agree that if it works out like this, I will pay off every outstanding debt and build up the biggest emergency fund. Good luck to you!
 












Anonymous said:
Clearly each state administers these things separately. In my state, after you call in to request UI for the previous week, you are asked if you have collected any severance, vacation pay, social security or pension - or have earnings form a part time job.. The UI is then reduced by that amount. If you report any income which comes close to your previous weekly income you are deemed NOT eligible for UI and you are kicked out of the program, forcing you to reapply when you no longer are collecting significant income.

Makes sense when you think about it.

FYI: maximum UI is no greater than 30% fo your former salary, up to a predetermined amount. So, those of you who were making the BIG BUCKS wil see a significant lose of spendable monies.
Click to expand...

UI can be as little as 300-400 per week...and then taxed!
 






Yes, I left Merck after 20 years. I had thought and expected that Merck would have given me one of the best packages. I did receive monthly checks for over a year, but my package was less than those received by other big pharma companies, such as Sanofi. Yes, the best deal is to get a job as soon as you can so not to waste your package. I waited and took time to destress. I find myself now with a competitor company to Merck and yes, I will never forget. It serves as a great motivator to me now everyday.
 






thousands of jilted ex-merck employees, bilked investors and lied to customers. I don't get the sense that there's alot of good feeling toward the merck name anymore. a lawyer at the top isn't going to help much.
 












if your severance comes at the end of the year, and say is equal to 15 weeks you have just increased a years income by 25% - pushing you into next tax bracket.

26 week s sverance = increase of 50%

Add in accrued vacation time, bonus (if they give it to you ) and it all has an impact.

I got "creamed" on taxes.
Best bet is severance comes at the beginning of the year and you don't get anither job right away - but yes, UI is taxed and in my state they only take out 10% towards your taxes.

Just be aware, thats all.
 
























Anonymous said:
You only get lump sum if your payout is less than 26 weeks. If longer than 26 weeks it's paid out monthly.
Click to expand...

I was laid off last year with SGP, and got a lump sum check of $205,000. I was 22 years SGP. Maybe it is different now, but I think the Schering severance deal is in effect till January. I stay in touch with some of my former SGP friends, and they think Merck might wait till after January and then do the layoffs.
 






Anonymous said:
I was laid off last year with SGP, and got a lump sum check of $205,000. I was 22 years SGP. Maybe it is different now, but I think the Schering severance deal is in effect till January. I stay in touch with some of my former SGP friends, and they think Merck might wait till after January and then do the layoffs.
Click to expand...

It all depends if your legacy Schering or legacy Merck. I happen to be legacy Schering myself and the change of control is still in effect until Nov. 30.

There is a high level is expectations from with in that layoffs will do down this week (Apr 25 - 29). Many are bracing for it, Merck has thrown a lot of chum in the water that indicate it will happen.
 






Anonymous said:
I was laid off last year with SGP, and got a lump sum check of $205,000. I was 22 years SGP. Maybe it is different now, but I think the Schering severance deal is in effect till January. I stay in touch with some of my former SGP friends, and they think Merck might wait till after January and then do the layoffs.
Click to expand...

Lump sum for <26 weeks vs monthly payments for >26 weeks is an L-Merck policy, it wouldn't apply to L-SP folks that are separated. They're still covered by a separate program during the first 2 years post merger.
 






Top Bottom
Back
Quote