Many tech companies made record profits during the time of the pandemic. As such, companies began to increase their investments and rapidly expand their workforce.
However, the escalation of global economic problems has resulted in firms’ mass layoffs that have recently affected thousands of employees. Have you ever wondered about the severance pay opportunities of these companies?
Severance pay is the savior of employees
In the tech industry in the first three weeks of this year more than 100,000 workers Unfortunately he lost his job. The newly released reports revealed that severance packages vary greatly from one tech giant to another.
First, let’s briefly explain the severance pay for you. Severance payIt is the compensation paid to the employee of the employer in return for the seniority he has earned during the period he worked at the workplace, if certain conditions are met.
Severance pay has certain conditions, but we will not go into that part much. Now that we learned about the severance pay, let’s see if the severance pay of these big companies is that big.
Google parent company Alphabet, announced that it had laid off 12,000 employees, which corresponds to about 6 percent of its workforce. As per sec.gov’s terms, severance packages for America’s employees include 16 weeks of salary and accelerated stock transfer, and an additional two weeks for each year they’ve worked with the company. Dismissed employees also have the opportunity to receive 2022 bonuses, paid leave and six months of health care.
If at the beginning of the year Amazonlaid off a record employee with approximately 1.2 percent of its workforce, or 18,000 people.. Retail US employees can receive full pay and benefits without the need to continue working during the mandatory 60-day notice period. The company also offers services such as several weeks’ severance pay, separation pay, temporary health benefits and job placements.
Meta CEOare Mark Zuckerberg last year the company announced it would lay off more than 11,000 people worldwide, or about 13 percent of its workforce. Employees who were laid off were promised 16 weeks of severance pay and an additional two weeks for each year of service. The company will also cover six months of health insurance and offers support for visa staff such as RSU authorization, career services, remaining paid leave and immigration.
Salesforce recently announced that it would lay off more than 7,000 of its employees. CEO of the company Marc Benioffsuggested that falling productivity was due to younger and remote workers. The company’s severance packages consist of less than five months’ salary, six months’ health insurance and two months’ layoff support.
TwitterIn , the new owner of the company that took office last year Elon Musk announced that he was considering reducing the number of employees by 50 percent immediately after his arrival. However, many employees chose to quit because of the “difficult” working conditions and Elon. Later, Musk announced that they would give three months severance pay to everyone who left.