Severance includes 4 weeks base salary plus 1 week per year of employment.
  • AA5B@lemmy.worldEnglish
    5 hours

    Last time I had to do this was a startup. We all worked insane hours trying to get the product off the ground but then

    • layoffs just short of a year so can save on severance
    • unemployment lower than my current mortgage
    • paid money to buy out my options in case the company made it, but a couple weeks later they reissued them to zero
  • Modern_medicine_isnt@lemmy.worldEnglish
    7 hours

    What I find vaguely interesting is that the US hasn’t managed to privatize unemployment insurance. I mean it could be made much more inefficient, line the pockets of the billionaires, and be of less use to laid off employees. Doesn’t capitalism demand it be privatized?

    • partofthevoice@lemmy.zipEnglish
      6 hours

      Fuck man. Don’t give Elon ideas. They billionaires have already been trying to pay military and TSA wages. We seriously don’t need to continue creeping down this FAFO pathway.

  • frunch@lemmy.worldEnglish
    9 hours

    Imagine pouring your years and efforts into making this company the giant it became, and this is how they repay you. I have to imagine it’s gonna be hard to find a new job at the same pay level etc, considering everyone is currently making big cuts to their workforce 🫠

    “After careful consideration of Oracle’s current business needs, we have made the decision to eliminate your role as part of a broader organizational change,” copies of layoff notification email viewed by Business Insider stated. “As a result, today is your last working day.”

    Oh, and one last thing:

    Oracle declined to comment.

  • HeyJoe@lemmy.worldEnglish
    13 hours

    Seeing some of the other companies they compared it to just makes them look even worse… it just means other companies will see this as a way to offer less as well. Gotta meet those industry standards!

    Also if you take the severance doesn’t that mean you forfit unemployment? This package is so bad if you only been there a year that i would probably say screw them and take that instead, even if its less than my pay it will definitely be more over the 6 months it’s allowed which is what i thought was one of the main reasons they offer these so the company can avoid the higher rate of contribution to unemployment if enough people claim it.

    • The_v@lemmy.worldEnglish
      9 hours

      No severance doesn’t effect your eligibility for unemployment. It does often reduce the number of claims however. Many people live off the severance until in runs out, then claim employment. You can also claim unemployment while still actively receiving severance pay.

      Severance is usually tied to a non-disclosure agreement. If they want to enforce them, compensation is usually required in most states.

      • village604@adultswim.fanEnglish
        3 hours

        That’s what I did when I was laid off last February due to Musk.

        In some states you can actually work and still draw unemployment. I got a temp job to help fill the gap that unemployment left until I transitioned it into a permanent gig.

    • rozodru@piefed.worldEnglish
      10 hours

      yeah I’m not sure how it works in the US if you take the severance you forfeit unemployment but with the way the tech sector currently is I would be in favor of taking the unemployment instead because god damn is it rough out there.

      Also not to knock Oracle employees but that place doesn’t have the most glowing reputation for “quality”. that right there might hinder their job search. Unless they go to Amazon. they’ll just hire anyone with a pulse as long as you agree to working on call.

      • AA5B@lemmy.worldEnglish
        5 hours

        You definitely take both. Apply for unenjoyment asap because it can take a few weeks for the money to start flowing. Also unenjoyment is much lower than pay, so you can’t expect to pay your bills with it

      • Modern_medicine_isnt@lemmy.worldEnglish
        7 hours

        You can take both. And for most tech sector workers, the unemployment payments are tiny compared thier salary. Also the unemployment payments don’t last forever. For anyone with say 10 years at the company, the ttotal unemployment payout would be less than the severance.