I think some companies use bulk/ blanket approvals, which they can reassign to someone else. Check with your HR or legal if they do it this way. They keep yours active as long as you are on payroll, which could be longer than your last day if in a mass layoff - in that case, H1B will most likely not be reassigned but canceled.
alwzangry is right. Your 60 day grace period starts on the day following of your last day of payroll in Company X. As long as company Y files an H1-B petition before the 60 days are up, you are fine.
So if when X terminates my employment my H1-B with them gets deactivated immediately but I still have 60 days grace period before Y files it EVEN THOUGH that X has ended my H1-B visa?
The petition that Y files within that 60 days is for H1-B transfer, right? It's not a brand new H1-B petition from scratch that needs to go to the lottery selection, correct?
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So if when X terminates my employment my H1-B with them gets deactivated immediately but I still have 60 days grace period before Y files it EVEN THOUGH that X has ended my H1-B visa?
The petition that Y files within that 60 days is for H1-B transfer, right?
It's not a brand new H1-B petition from scratch that needs to go to the lottery selection, correct?