What is the CORRECT SEVERENCE Calculation??

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So nice to see some class on cafepharma. I, too, was downsized in 2010. Everything this poster listed was correct. The most spot on part was maintaining that positive attitude. It is tough to find a job, but treat your job search like a job and stay motivated and good things will happen. I am sorry to see this happen to so many people. Remember you will have healthcare for a full year and that is worth a lot! Good luck!
 






I was also in the great purge of 2010. Like a few other posters, I already had something lined up and my new employer delayed my start date so I could receive the severance according to the separation agreement.

A few notes about the agreement you will receive: a) it will state that you can't sue Novartis for age, gender or any other type of discrimination; b) you can't recruit anyone from the company to work for your new employer; c) you can never work for Novartis again (like I would want to?!); and d) you are not supposed to show the agreement to a future employer.

The dumbest part is "d" - anybody else downsized by Novartis and working for someone else already knows what is in the agreement. "A" is standard - you accept the money you lose the right to sue. "B" - I am not sure I would ever want to recruit anyone from Novartis that is left because they are probably the @$$ki$$ers nobody else wants. As for "C", oh please, why would anyone want to go through that again with them?

Taxes took about 40% total of my severance check, but I did receive it. COBRA was same as company employee insurance but after coverage period the cost is really exorbitant. It is better coverage than I have with my new job, but at least I can now afford to cover my entire family rather than having my wife's more expensive insurance. We saved a little money. The stock option cash-out is also really expensive in terms of taxes, and I only received about 58% net on it after deductions.

If you believe you are going to be one of the ones "on the list", look at reducing your 401k deduction by a few percentage points to bank some little extra money. You will never believe what will come up once you have to pay for your own car, insurance and fuel again if you don't own a car now.

Good luck to y'all.
 






It amazes me how many are having trouble understanding Warn Act time and severence credit. This is how it works:

Everyone gets 20 weeks minimum, even those with less than 10 years with Novartis. However for those with more than 10 years, the formula is 2 weeks for every year with Novartis, so -

WARN Act Time - 60 days with the 60 day clock starting on the day you are notified that your services will no longer be needed, plus Severence as follows:

10 years or less, an additional 20 weeks

11 years - 22 weeks
12 years - 24 weeks
13 years - 26 weeks
14 years - 28 weeks, etc. up to 70 weeks for 35 or more years of Novartis employment

Anniversary (a year's credit) is calculated on making your year before WARN Act period expires, so if the WARN Act clock kicks in on April 1st, as long as you complete another year with Novartis by the end of May, you will get credit for that year (close only counts in Horseshoes and Hand Grenades).

Note to that once you are notified and you are within the WARN Act calendar there is still work you will be obligated to do; nothing in the field, but a lot of housekeeping functions including:

1) Close out inventory
2) Laptop return
3) Final expense report (complete this accurately before you turn in your laptop)
4) Sample return and/or transfer
5) Return of Novartis property - AV equipment, name badges, business cards, sales aids and literature, COMPANY CAR (pick up will be arranged)
6) Mailing of all completed sample signature receipts

Don't forget to cancel your satellite radio if you are subscribing to that service and to close out/cancel/or transfer your storage unit if you have one.

If you have personal files which will be important to you in your future life, remember to transfer those from your work computer to a disk or memory stick.

If you have any award points/credit that can be redeemed for awards, do that too.

I am probably leaving something out so others may wish to add to the list.
 












Anonymous said:
It amazes me how many are having trouble understanding Warn Act time and severence credit. This is how it works:

Everyone gets 20 weeks minimum, even those with less than 10 years with Novartis. However for those with more than 10 years, the formula is 2 weeks for every year with Novartis, so -

WARN Act Time - 60 days with the 60 day clock starting on the day you are notified that your services will no longer be needed, plus Severence as follows:

10 years or less, an additional 20 weeks

11 years - 22 weeks
12 years - 24 weeks
13 years - 26 weeks
14 years - 28 weeks, etc. up to 70 weeks for 35 or more years of Novartis employment

Anniversary (a year's credit) is calculated on making your year before WARN Act period expires, so if the WARN Act clock kicks in on April 1st, as long as you complete another year with Novartis by the end of May, you will get credit for that year (close only counts in Horseshoes and Hand Grenades).

Note to that once you are notified and you are within the WARN Act calendar there is still work you will be obligated to do; nothing in the field, but a lot of housekeeping functions including:

1) Close out inventory
2) Laptop return
3) Final expense report (complete this accurately before you turn in your laptop)
4) Sample return and/or transfer
5) Return of Novartis property - AV equipment, name badges, business cards, sales aids and literature, COMPANY CAR (pick up will be arranged)
6) Mailing of all completed sample signature receipts

Don't forget to cancel your satellite radio if you are subscribing to that service and to close out/cancel/or transfer your storage unit if you have one.

If you have personal files which will be important to you in your future life, remember to transfer those from your work computer to a disk or memory stick.

If you have any award points/credit that can be redeemed for awards, do that too.

I am probably leaving something out so others may wish to add to the list.
Click to expand...

Just to add something--make sure you call American Express to tell them you have left and to cancel your card. If you have any type of monthly charges for anything going against the card, American Express will continue to pay it and bill you. Novartis will not reimburse you for anything after your last day. If Novartis wants you to mail the card back to them or give it to your manager, make a photocopy of it just in case you need the numbers and make sure you watch your Amex bills so they zero out the balance. It took four months for Amex to take care of a charge I had disputed, but they kept billing me for it and finally removed it. It might affect your personal credit.
 






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