Oracle offered laid-off US employees four weeks’ base salary plus one week per additional year of employment up to 26 weeks as severance, according to an excerpt of internal severance terms viewed by Business Insider.
Oracle offered laid-off US employees four weeks’ base salary plus one week per additional year of employment up to 26 weeks as severance, according to an excerpt of internal severance terms viewed by Business Insider.
Seeing some of the other companies they compared it to just makes them look even worse… it just means other companies will see this as a way to offer less as well. Gotta meet those industry standards!
Also if you take the severance doesn’t that mean you forfit unemployment? This package is so bad if you only been there a year that i would probably say screw them and take that instead, even if its less than my pay it will definitely be more over the 6 months it’s allowed which is what i thought was one of the main reasons they offer these so the company can avoid the higher rate of contribution to unemployment if enough people claim it.
No severance doesn’t effect your eligibility for unemployment. It does often reduce the number of claims however. Many people live off the severance until in runs out, then claim employment. You can also claim unemployment while still actively receiving severance pay.
Severance is usually tied to a non-disclosure agreement. If they want to enforce them, compensation is usually required in most states.
That’s what I did when I was laid off last February due to Musk.
In some states you can actually work and still draw unemployment. I got a temp job to help fill the gap that unemployment left until I transitioned it into a permanent gig.
yeah I’m not sure how it works in the US if you take the severance you forfeit unemployment but with the way the tech sector currently is I would be in favor of taking the unemployment instead because god damn is it rough out there.
Also not to knock Oracle employees but that place doesn’t have the most glowing reputation for “quality”. that right there might hinder their job search. Unless they go to Amazon. they’ll just hire anyone with a pulse as long as you agree to working on call.
You can take both. And for most tech sector workers, the unemployment payments are tiny compared thier salary. Also the unemployment payments don’t last forever. For anyone with say 10 years at the company, the ttotal unemployment payout would be less than the severance.
Yup, I went from making $8k a month to $2.4k on unemployment.
And I bet that 8k was after tax. The unemployment is taxed later. Which is always fun come tax time. Cause if you didn’t make quarterly payments, you might owe a tax penalty. I know it’s a 1%er type problem, but still annoying.
Yup, it was a rough time.
Lol. Been there. And it actually can be rough. The company I stupidly spent 15+ years working for refused to use new tech. So while I got a large severance, I didn’t have experience with the tech people hired for. I had to learn new stuff on my own, then structure my resume so that it didn’t make it clear that I had not used that tech in a professional setting. That at least got me interviews here and there. But in the end, it was basically just luck I was able to get a new job.
I often wonder what my life would be like if I had listened to the people who advised me to work a few years at my fist company and then change companies a few times early in my career.
isnt amazon pretty brutal for tech workers, from what ive heard, they will burn you out til you leave
depends. for fresh grad new hires I would say yes but said grads don’t know any better. mandatory weekly on calls, no dedicated workspaces (first come first serve desks), weekly recap meetings with god knows how many managers and team leads they have. But once you “pay your dues” so to speak at Amazon and you get senior status you pretty much dont’ do anything. This coming from a buddy of mine that worked there. Current amazon is pretty much riding on the backs of oblivious junior devs and LLMs/AI.
You definitely take both. Apply for unenjoyment asap because it can take a few weeks for the money to start flowing. Also unenjoyment is much lower than pay, so you can’t expect to pay your bills with it