I know India employees got one month for every year of service plus about 4 months so it seemed like a relatively generous package (though at an awful time). Since I'm in the US, I'm curious as to what US employees got as their package?
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Get your 401k out of Oracle as soon as you can. Remember they were sued for excessive fees. Many of you probably got that legal notice.
My 401k lump sum has grown faster than it ever has in a rollover IRA, even without contributions.
Now I work for a company that just upped the company 401kcontribution! Is Oracle doing that? Their benefits are ok, but truth be told lots of companies are at least as good or better.
Regarding 401k, you can leave it there until you reach 70.5 unless you have less than $1000.
I received four weeks and one week per year of service in the form of three checks. The first check was received two weeks after notification and was for two weeks of pay and labeled "Regular Salary". The second check was for two weeks of pay and received a few days after the first check and the amount was split between "Regular Salary" and "Pay in Lieu". The third check was received about four weeks after notification and was for the number of weeks of service and labeled "Severance".
I also received a free month of COBRA (health insurance premiums) as part of Enhanced Severance. I did not check the 401k account for any vesting proceeds. I did not have any options pending but the general corporate practice is that you lose anything that isn't vested. You are an employee for another couple of weeks so you could cash them out if you are vested. They did pay me my ESPP contributions.
One other thing is that you have 60 days to move your 401k funds. There is a 30-day lockup where it is frozen so you can't do it right away. I recommend setting up an IRA at Fidelity (or another brokerage or bank) to receive it right away and then calling Fidelity to arrange an appointment just after the lockup ends to move the funds and holdings over. Don't do any transactions for three days before the transfer so that you don't have to deal with clearing issues. My understanding is that they send you a check after sixty days and that would create a tax mess.
If you are worried about layoffs, have a plan in place in case it happens. Keep an updated resume, maintain your network and keep your skills updated. Also maintain a list of potential references. Layoffs are not personal though they may feel very personal to you. Layoffs have always been a possibility throughout all of our careers and it's good to have a safety net of savings, even in the best of job markets.
This is a very tough time for tens of millions of people that have lost their jobs, are likely to lose their jobs or lose their businesses. I feel that Oracle has been generous with this round of layoffs. I wish current employees job security and job satisfaction and those that have lost their jobs some time to rest and recharge and a smooth transition to something new.
Curious, do the severance packages include anything other than a payment based on years of service? Such as continuation of health care, vesting of 401k contributions/RSUs/options?
USA have the worst package, stand two weeks for first year and 1 week per each additional FULL year of service. Total max is 26 weeks. Some people have 4 weeks for first years, those belong to enhanced package, only available for some employees.
I believe that effective June-2020, it's been reduced to 3 weeks, plus 1 week/year of service.
Four weeks and an additional week for each year with a max of 26 weeks.
One month plus a week additional for each year of service.