Thread regarding Oracle Corp. layoffs

Prepared and waiting for severance

I believe that severance pay is the best way out for many and that the vast majority are just waiting for the package to finally leave O........ Honestly, I hope I won't have to wait much longer.

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Post ID: @OP+1iVOxRK3

8 replies (most recent on top)

"If you think you're going to make out like a bandit with a severance, think again. The severance gets taxed in a big way, so you'll have a lot less money for your expenses. "

It works differently outside the US and the package is generally better. Regardless it's still better than leaving with nothing. Of course the one thing you do lose is time, so you have to weigh that up.

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Post ID: @2tnh+1iVOxRK3

If you are over 55, you may have to wait a long, a very long time! Freedom 75 is just around the corner.

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Post ID: @2irg+1iVOxRK3

The payout may vary based upon local laws, both national and state. In Australia you get 13 weeks after 10 years, and an additional 1.3 weeks for each year of service thereafter

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Post ID: @2cll+1iVOxRK3

20 weeks of severance is only if you have almost 20 years of service!!!

Uhhuh. I am aware.

I am hoping they pay out the sick time that appears on my check too - that is another 2 weeks.

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Post ID: @2sni+1iVOxRK3

If you think you're going to make out like a bandit with a severance, think again. The severance gets taxed in a big way, so you'll have a lot less money for your expenses. Also, if you plan to use COBRA to extend your medical benefits, be ready to pay huge monthly premiums. COBRA's high pricing is deliberately designed to discourage people of staying on it for very long.

If you decide to ride on the Titanic until it submerges in order to get your severance, you're taking a major risk. Best to jump off now into a lifeboat and get yourself a new, much better job. Oracle is heading to the junkpile.

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Post ID: @2xyi+1iVOxRK3

Depends where you're based but in some EMEA countries they can offer a discretionary redundancy severance on top of your statutory pay (1 week for every year). Based on what others have shown me in the past the enhanced severance alone can be worth more than 20 weeks pay. It's not guaranteed but it can and does happen.

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Post ID: @1xxb+1iVOxRK3

20 weeks of severance is only if you have almost 20 years of service!!!

Start saving

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Post ID: @1xfz+1iVOxRK3

If they will pay over 20 weeks severance, I am right there with you bro.

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Post ID: @1evh+1iVOxRK3

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