The employer that I work for ( as a part time W2 employee) was recently purchased by another organization. The new company has now decided that all of us in my role ( we are all remote) will have our status changed away from W2. We have been told that we could move to 1099 or other statuses as well ( S corp for example.) Previously the only benefit we received was the ability to contribute to the company 401 - no healthcare or other benefit since we are part time. In terms of actual hours worked... for example I worked approx 120-122 days... typically 10 hour days.
So my question is around the actual change itself... does this mean that the employer is essentially terminating us? And if so, would we be eligible for some sort of severance pay?
We have been told that since the status changes that we will for example need to change our Linked in pages since we won't be employess..,.
Thank you

No severance pay, unless it is in our contract. They will no longer withhold income taxes or social security. So your hourly pay will have to be raised to cover, income taxes and also self employment taxes.

You are no longer covered by unemployment, and no longer covered by workers comp.

You will now be responsible for paying your own Social Security, but I doubt if they will raise your wages to compensate.

You might be eligible for severance, though I again doubt it, since I doubt if part-timers are covered under the company's severance policy.