When parting ways with team members, specifically involuntary terminations (e.g. layoffs, when Float ends the contract), we offer separation pay. Our separation pay is a minimum of 4 weeks pay, and increases based on tenure.

Separation pay is not paid in cases of voluntary resignations or for separations that fall within the probationary period if it’s a performance-based decision. (We do offer separation pay when a lay-off impacts someone in probation)

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For team members who use the healthcare stipend, coverage is extended for 4 weeks in the case of involuntary terminations.

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Separation pay formula

• 2 weeks in lieu of notice (as per service contract details)
• 2 weeks severance (to meet the 4 week minimum)
• 1 additional week for every full year of service with Float

Examples

• A team member who had been with Float for 8 months would receive 4 weeks separation pay (2 weeks notice + 2 weeks severance + 0 years for every year of service)
• A team member who had been at Float for 3.5 years would receive 7 weeks separation (2 weeks notice + 2 weeks severance + 3 weeks due to 3 years of service)