What kind of severance packages are being given?
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What is the severance if I haven’t worked for a full year?
So, if you're a Cerner employee do the years you spent at Cerner if you get laid off after the Oracle acquisition of Cerner is complete?
I am one of those who were laid off last week but did not get any severance information. Does anyone know who to contact?
The severance is great if you served msny years. Up to 26 weeks or something like that. You have to agree not to sue Oracle to get it.
COBRA is actually cheaper for me and my wife than what I could find on Covered California for equivalent coverage by $600. And that was only for medical. I did not try pricing out dental or vision.
If you worked for Oracle, you should have been been networking and applying at other places anyway. I know it depends on which division you worked in, but a lot of you didn't work very heard. When I was there, I worked maybe 30 hours a week. I spent the other 10 hours networking and looking for another role
It varies by country.
People were given 30 days to find another job within Oracle but most will not find one. This is your first 4 weeks of severance plus a week for each additional year of service. They realize they need to take that time and update their resumes and reach out to their networks and begin their job search immediately. The market is saturated and hiring has slowed. The timing couldn't be worse.
You can get 2 months to sign up for Cobra. Oracle pays the first month, you pick up the next month and subsequent ones.
US folks don't get 30 days leeway for internal transfer. You are out next day , yes you can apply through friend referral but most of postings are fake . Does anyone know units that have hired in the US recently / new hires ?
May the gods, old and new, help you if you get wedged in just the wrong spot.
Just imagine...
You have 30 days to find internal gig, with offer of 4+1/year (close to 26 week cap in your case). Apply for internal job, get it, but HR can't get act together in under 30 days. They pay out the N weeks, large % going directly to taxes. HR processes your xfer and claws back the 26 weeks. Tax implications ensue.
Employee hostile.
No most of us worked average 10 years . So that is 5 weeks of pay plus it is 2 weeks for first year . Also these are one time payment so subject to high tax rate. Also no medical benefits. Cobra is unaffordable, $600 - $1400 / month depending on dependendants.
Not bad in terms of package. If true, it can be almost 6 months of pay!! You can take that and get a job somewhere else.
This refers to USA. Wish rules were more stringent like EMEA or APAC. US employees lose their benefit and payroll the day of termination which is the day after they are let go ( after the manager meeting ). You get a FedEx next day with a letter. Letter is very impersonal, just here are details of your termination. Attached is a 14 page legal document to sign and promise not to sue, if you want your severance package. Severance is 4 weeks for first year and one week for each additional year of service, caps at 26 weeks. Just to be clear, severance is taxed at almost 50% so it is not a lot of money by any means. You can apply for CObra health within 60 days or right away and apparently oracle may pick up first month. However the cobra papers do not say this. The whole process is very cold, the hr help on phone is not very good either. As a US employee I recommend filing unemployment with your home State , right away. And if you are still employed, brush up on your skills and training internally.
Try:
https://www.google.com/search?q=severance+site:thelayoff.com/ORACLE
This depends on the country (e.g. local employment laws, workers council's agreements, ...) and length of employment.