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.
How is up to 30 weeks of pay bad? About most people would kill for this kind of payout.
In Italy if you get fired (not if you quit voluntarily) it’s mandatory by law to get 75% of salary for 104 weeks (but from the six month it will get reduced by a 3% monthly) plus the severance package is at least 6.9% of the yearly gross salary multiplied by the number of years worked there.
On top of that, most union contracts (97% of workers in the country) increase that amount of money that the company has to pay.
Finally, it’s a bureaucratic mess. You can’t just fire employees with an email sent Friday afternoon and expect to get the offices empty on Monday. In order to fire more than 5 employees over 120 days the company has to get agreement with unions (money incentive to resign; early retirement; higher and/or longer severance pay) and if it’s doesn’t get an agreement within 45 days it will need to get an agreement with the government (another 30 days) where need to pay at least a 5850 euro tax for each fired employee. So from the cuts announcement, workers have at least 2 months of full pay and full work.
The only way to fire employees “American style”, “from today you’re unemployed” in Italy it’s bankruptcy (chapter 7) but proceeds from the liquidation Will be used to pay
First of all very clearly says up to 26 weeks. So I don’t know where you’re getting 30 from. The fact that it’s even shittier for other people doesn’t make this not shitty though.
4 weeks base plus up to 26 additional weeks depending on how long they were employed, which was my reading as well.
4 weeks base pay. Plus up to 26 weeks based off years of service. So a long term employee can get up to 30 weeks of pay. Hell 4 weeks alone is better the 90% of employers.
I think that’s a very generous reading, generosity I don’t think is warranted by this company.
Again it doesn’t matter if other workers have it worse, that’s irrelevant.
Companies like this have always had layoffs and hirings. It’s the eb and flow of business. We have had a great amount of these, but the AI cracks are showing, and a rehiring will happen.