Do you know what a typical severance package is. I did not get a 'meeting' invite yet, but I have this throbbing feeling in my stomach that my head is on a fairly large chopping block. I truly think that most of our folks are highly marketable and that job market conditions are fairly good so we will not need much time to find an alternative gig, however for many of us old timers it's a pity to leave this way. Good luck to all of us!
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I got a package of 1 month + 2 weeks per year. Sounds not so good... I believe this is the minimum. According to WARN guideline it shall 2 month at least for notice or 2 month pay either way.
Confirmed that severance is 8 weeks pay plus 2 weeks/yr served, plus $1800 for health insurance
I am sure there is a cap on severance. But let's be realistic-- if you've been with the company for 15-20 years it shouldn't really matter whether you get 9 months or 12 months of salary. Between RSUs, stock options, etc. old timers have been riding the gravy train for a long time. Most people I know who have been with the company for over 10+ years have houses paid off and owe a lot of luxury things. I am not saying that they don't deserve it but their lives will not be as affected by these layoffs as for the ones who joined the company 3-5 years ago. No disrespect to anyone here...
Is there a cap on severance?
Ocala closed end of Nov.
There are many job openings out there - it is the good ones that are very scarce
Yeah. And don't underestimate the time it takes finding a new job especially being unemployed at the end of the year. It normally takes longer. Be prepared.
One more note on COBRA -- the person said its cost was $1800 per month for the same level of coverage for a family. That is A LOT of money and who would be able to afford it over the long run...
Anonymous52224 - thanks for that COBRA info, that was my main concern, 2 months is not that much though.
@Anonymous52224: that is not a lot! I will negotiate for a few months of regular medical insurance. For those of you who are very optimistic, there's nothing wrong with that. However, I tell you that the market is very very saturated right now. You might find another job shortly, but your pay and benefits won't probably be the same. Good luck.
I just called someone who got laid off 3-4 weeks ago as part of the first small batch of employees. The person disclosed his/her severance package at senior director level -- 3 months of severance pay plus 2 weeks for each full year of employment. The company also covered 2 months of COBRA.
Thanks Anonymous52193 - good luck tomorrow and keep us updated
Yeah, I'm starting to think it will be two weeks per year. Given it's such a huge layoff, the packages will be lessened and much more difficult to negotiate. Will post back after the meeting tomorrow morning on what the severance is.
When did Ocala, FL close?
I am pretty sure it's two weeks per year of service, I know that folks are claiming that it's 1 month for one of service, but that simply does not make any financial sense and would be nuts. Two weeks per year is well above the standard (one week per year of service capped at 10 weeks).
What about 60 days notice? Sounds like it is a major layoff and WARN should kick in. Typically affected employees either stay on the payroll for 2 months and look for internal opportunities or the company just pays additional 2 months of severance and people leave within 2 weeks. Getting just 2 weeks of severance sounds like a very small compensation.
Yeah, it's two weeks per year, plus another two weeks of severance, plus they'll cash out your remaining vacation and include it in your total package.
I heard Qualcomm closed their Ocala, FL office. Severance was 2 weeks for each year of service.
Do they prorate the years worked?
Anonymous52167 is right, you get one month per year worked, I believe there is a cap though, will try to find the info and will post again here.
The package that i hear about most consistently is 1mo of pay per year worked. I am not sure how long the benefits will provided after departure