This is perhaps the worst time to be laid off. What worries me the most is the state of the job market, where there is now a lot of competition and hiring freezes in many companies...
Will the severance pay be enough until we manage to find new gigs?
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57 y.o. In 2022 published/presented a paper at a conference, 2 patents issued, involved in several projects…laid off.
2018 paid out 2 weeks per year of employment up to 6 months. Plus additional 3 months under WARN for a total of 9 months max. And prior tenure from acquired companies counted. Total 140k on the way out and had a new job in a month at a much better company. You will hear it again and again - getting laid off at GF is the best thing that can happen to you. Well worth waiting for if you've got some tenure from amd, chartered or ibm.
Heard employees age 50 year and above are going to be key layoff targets and will be primary target throughout this year and next as they are equivalent to two new of less experienced employees. Idea is to create their back up and replace them with young and low cost employees. What the heck going on ?
Problem is that they cap the package to 12 or 16 weeks max. So people who are long experienced ones get same package as 6 to 8 years experience employee. This clearly tells that GF does not need experience employees and that is main reason we already lost most of good ones.
Just apply for a gig assignment! It's all the rage!
@obh I thought there was some base severance, then add-ons based on service length
I'm sure someone will post what they got here
Historically GF has offered 2 weeks pay for each year of service. Less taxes, you’re looking at a week and half pay per year of service.. Oh and if you plan on keeping your health coverage through GF, while you job hunt, you’ll still have to pay for your premiums..