What is the CORRECT SEVERENCE Calculation??

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Anonymous

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Please only those that know. Thank you.

I have 9 years

I am hearing 60 days + 20 weeks + 18 weeks (2 weeks for every year) is this correct?

or is it 60 days + 20 weeks, and that is it?


Thanks.....
 












60 days and then 2 weeks for every year, minimum of 20 weeks.

In your case 60 days + (9yrs x 2weeks per year= 18 weeks.) Since you are under 20 you would be pushed up to the 20 weeks.
Total = 60 days then 20 weeks for you.
 
























Sounds like this is what it was last year. After the 60 days you are severed from the co, cobra kicks in and you are eligible for unemployment at that time, but verify that with your state. The transfer to cobra was completely seamless.
 


















I was downsized out of Oncology this past July. I had been there since the begining.

This was the package:
We were notified on July 22nd and Sept 12th was our seperation date. Severance was 2weeks for every year with a minimum of 20 weeks. You had 90 days from your seperation date to cash out vested options or you lost them. We got one year of benefits paid by the company and after that you can pay for the insurance for 6 months for a total of 18 months of benefits. We got a 2500 dollar retraining bonus and all owed bonuses were paid out ( I got my bonus for work through Sept 12th in Dec..We were not in the field after July 22.). They did offer services to assist with writing resumes etc. We did get the option of buying the company car-the prices is great if you have allot of miles, if not, well not so great. If this is not offered to you and you are interested call HR, they were very accomadating . IF you were 45 or older you could buy into the health plan for retirement -paying the full cost. If you were 55 or older you get the healthplan for retirement and you could ask for accelerated vesting of your options.

This does not mean the package will be the same, but, I would think it would be for fear of discriminatory practices.

I was lucky to get a great job immediately after this! To be honest, allot of people did. Yes I am still in the industry, but, am taking the time to learn a new skill so that I can get out.


Some people say Pharma folks are not marketable, but, you are! Heck, you bounce back everyday after being treated like crap and spend most of your time managing up with your boss etc. Listen, those skills are needed in EVERY sales job! Hospitals are now hiring pharma reps to market there offerings to local Drs. Ok, so you may make a little less money, but, wow that might be fun and the DRs like to see you. My friend has been doing this for a year and loves it. Find a sales job were you have to take orders ( like labs ), you are needed!

The package from Novartis will be good so you will have time to regroup. IN the long run i am thankful to have been laid off. I waisted time in the worst MDP program, after having already been a manager at another company. Other companies, even large ones, value their employees in a much more positive way.

Good luck to you All!
 






Anonymous said:
I was downsized out of Oncology this past July. I had been there since the begining.

This was the package:
We were notified on July 22nd and Sept 12th was our seperation date. Severance was 2weeks for every year with a minimum of 20 weeks. You had 90 days from your seperation date to cash out vested options or you lost them. We got one year of benefits paid by the company and after that you can pay for the insurance for 6 months for a total of 18 months of benefits. We got a 2500 dollar retraining bonus and all owed bonuses were paid out ( I got my bonus for work through Sept 12th in Dec..We were not in the field after July 22.). They did offer services to assist with writing resumes etc. We did get the option of buying the company car-the prices is great if you have allot of miles, if not, well not so great. If this is not offered to you and you are interested call HR, they were very accomadating . IF you were 45 or older you could buy into the health plan for retirement -paying the full cost. If you were 55 or older you get the healthplan for retirement and you could ask for accelerated vesting of your options.

This does not mean the package will be the same, but, I would think it would be for fear of discriminatory practices.

I was lucky to get a great job immediately after this! To be honest, allot of people did. Yes I am still in the industry, but, am taking the time to learn a new skill so that I can get out.


Some people say Pharma folks are not marketable, but, you are! Heck, you bounce back everyday after being treated like crap and spend most of your time managing up with your boss etc. Listen, those skills are needed in EVERY sales job! Hospitals are now hiring pharma reps to market there offerings to local Drs. Ok, so you may make a little less money, but, wow that might be fun and the DRs like to see you. My friend has been doing this for a year and loves it. Find a sales job were you have to take orders ( like labs ), you are needed!

The package from Novartis will be good so you will have time to regroup. IN the long run i am thankful to have been laid off. I waisted time in the worst MDP program, after having already been a manager at another company. Other companies, even large ones, value their employees in a much more positive way.

Good luck to you All!
Click to expand...

If every post was answered like this, Cafepharma would be such a better site to come to. Thanks for your words.
 












I wrote the above overview of the severence from Oncology and forgot one thing.... Novartis will make you take a lump sum distribution for your severence. Even though they pay out your future bonus you are off the payroll after you get your severence. This means you can start collecting unemplyement after you recieve you severence!


As someone who once managed Pharma reps, I want to reiterate that you have an incredible amount of skills so start to think about those things as you move forward. I was always amazed how reps dealt with so much rejection yet you would forge on. I know the job has changed allot in the last many years and I know we could rarely work a full day, but, Novartis sure gave us all busy work to fill those days up. Think about it? Do you think other companies do the amount of business planning we did? NO so this is a major strength when you interview. Go to linkedin and read the profiles of folks in account management etc. Some of there profiles will give you great ideas for your resume...and its free! EX The big buzz word this year is Business Accumen.

Okay...I am off to get ready for Football.
 






Once the 60 days of the warn act is up and you are off the company payroll how long do you have to file for unemployment? Do you have to file within a certain amount of time? Is it 30, 60 days? Any glitches to be aware of when filing for unemployment? I know it's different from state to state yet generally what did you encounter? Thanks and I hope you have found something since the Oncology layoff.
 






Anonymous said:
I was downsized out of Oncology this past July. I had been there since the begining.

This was the package:
We were notified on July 22nd and Sept 12th was our seperation date. Severance was 2weeks for every year with a minimum of 20 weeks. You had 90 days from your seperation date to cash out vested options or you lost them. We got one year of benefits paid by the company and after that you can pay for the insurance for 6 months for a total of 18 months of benefits. We got a 2500 dollar retraining bonus and all owed bonuses were paid out ( I got my bonus for work through Sept 12th in Dec..We were not in the field after July 22.). They did offer services to assist with writing resumes etc. We did get the option of buying the company car-the prices is great if you have allot of miles, if not, well not so great. If this is not offered to you and you are interested call HR, they were very accomadating . IF you were 45 or older you could buy into the health plan for retirement -paying the full cost. If you were 55 or older you get the healthplan for retirement and you could ask for accelerated vesting of your options.

This does not mean the package will be the same, but, I would think it would be for fear of discriminatory practices.

I was lucky to get a great job immediately after this! To be honest, allot of people did. Yes I am still in the industry, but, am taking the time to learn a new skill so that I can get out.


Some people say Pharma folks are not marketable, but, you are! Heck, you bounce back everyday after being treated like crap and spend most of your time managing up with your boss etc. Listen, those skills are needed in EVERY sales job! Hospitals are now hiring pharma reps to market there offerings to local Drs. Ok, so you may make a little less money, but, wow that might be fun and the DRs like to see you. My friend has been doing this for a year and loves it. Find a sales job were you have to take orders ( like labs ), you are needed!

The package from Novartis will be good so you will have time to regroup. IN the long run i am thankful to have been laid off. I waisted time in the worst MDP program, after having already been a manager at another company. Other companies, even large ones, value their employees in a much more positive way.

Good luck to you All!
Click to expand...

Thanks for this. People don't realize they will get their other bonus too in March so they can put that away for the future as well
 






I did not collect unemployment as I was lucky enough to get a job imediately after I was notified of my downsizing. However, I have been through this before and did collect unemployment ( that situation was great though, company was bought so all our options vested)

Novartis filed in NOV 2011 for the warn act so that will have nothing to do with you. The WARN ACT is notification to states about the size and date of projected mass layoffs. EX: Google" WARN ACT NJ" and you can go to the web site and see that NOvartis filed in Nov 2011 for a downsizing on 2/1/2011. It only includes NJ layoffs though as not all states require the same type of notification.

Once you get the lump sum payout you can file for unemployment. Yes every state has a different process. EX: my state checks in with people getting unemployment every so often requiring proof you are actively looking for a job. You will not have any trouble getting unemployment though. This is a MASS Layoff, you were not terminated for cause so you cannot be denied unemployment per federal law.
 






Filed on line the day after termination. Had one week non-eligibility and started getting checks after that. You have to go on every week and file on line. Everyone I know in other states got same. If you live in NJ the weekly check is almost twice that of AZ.
 












I agree with the previous poster about transferrable skills. I went back to graduate school 5 years ago when I was still was in the pharmaceutical industry. I finished in 2 years and was able to get out a year ago into something that I love. I get up everyday with something to do instead of riding around a city wasting time. Yes, I took a paycut of 35% of my salary and gave up my company car and cell phone but I sleep better at night and don't miss any of the worthless national meetings. It can work out for all of you and trust me once you get over the initial shock of less money you will be happier.
 






Anonymous said:
I was downsized out of Oncology this past July. I had been there since the begining.

This was the package:
We were notified on July 22nd and Sept 12th was our seperation date. Severance was 2weeks for every year with a minimum of 20 weeks. You had 90 days from your seperation date to cash out vested options or you lost them. We got one year of benefits paid by the company and after that you can pay for the insurance for 6 months for a total of 18 months of benefits. We got a 2500 dollar retraining bonus and all owed bonuses were paid out ( I got my bonus for work through Sept 12th in Dec..We were not in the field after July 22.). They did offer services to assist with writing resumes etc. We did get the option of buying the company car-the prices is great if you have allot of miles, if not, well not so great. If this is not offered to you and you are interested call HR, they were very accomadating . IF you were 45 or older you could buy into the health plan for retirement -paying the full cost. If you were 55 or older you get the healthplan for retirement and you could ask for accelerated vesting of your options.

This does not mean the package will be the same, but, I would think it would be for fear of discriminatory practices.

I was lucky to get a great job immediately after this! To be honest, allot of people did. Yes I am still in the industry, but, am taking the time to learn a new skill so that I can get out.


Some people say Pharma folks are not marketable, but, you are! Heck, you bounce back everyday after being treated like crap and spend most of your time managing up with your boss etc. Listen, those skills are needed in EVERY sales job! Hospitals are now hiring pharma reps to market there offerings to local Drs. Ok, so you may make a little less money, but, wow that might be fun and the DRs like to see you. My friend has been doing this for a year and loves it. Find a sales job were you have to take orders ( like labs ), you are needed!

The package from Novartis will be good so you will have time to regroup. IN the long run i am thankful to have been laid off. I waisted time in the worst MDP program, after having already been a manager at another company. Other companies, even large ones, value their employees in a much more positive way.

Good luck to you All!
Click to expand...

I was also laid off last Dec. 2010 and was given the same package to the tee. He is also right that you may find a job which pays a little less and it sounds like he is going to make a career change. I could not agree with him more on this. I am also making a career change into a whole new profession which will require me to obtain my third masters degree but is worth it. This new career will be in high demand as with another number of non-sales and technical professions for the next 10 years. I believe pharma is dead and medical device/sale is following the same path. Many sales jobs just have no opportunity and other jobs just dont pay enough. There are just to many people unemployed or under-employeed looking for work. One job with thousands applying an dthen other jobs being closed due to a bad economy. If you can go back to school do it and research on what professions will be in demand for the next couple of decades. Ex. Nursing, PA. Comp/Sci, Computer engineering, engineering. This is a reality.
 






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