List of Severance Packages Google, Microsoft, Amazon, Meta And Twitter Offer Sacked Workers
- Sacked workers at big tech companies are receiving varying types of severance pay
- Google, Amazon, Meta and others are offering their staff healthcare benefits and months of severance packages
- The companies have either sacked or commenced the processes of paying their sacked workers
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There is a wave of mass layoffs in the tech industry which is affecting most of their workforce.
Big tech firms have sacked tens of thousands of workers in recent months, the latest being tech search engine giant, Google as the industry struggles with a reduced appetite from investors in borrowing costs.
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Google joins the fray
As the sacked tech workers are thrown into the job market, few companies have been immune such as Apple.
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The sacked workers will get severance packages of different sizes and duration, depending on the company they work for.
Here are what some of the firms have offered to pay their staff.
On Friday, January 2o, 2021, Google’s Chief Executive Officer, Sundar Pichai announced that the search engine giant would sack about 12,000 workers across product lines, functions, levels and regions.
The letter said workers will receive a 16-week severance package with an additional two weeks for every year they have worked at Google.
They will also get at least 16 weeks of share vesting accelerated and accelerated and receive months of healthcare coverage.
Microsoft
Microsoft announced Wednesday, January 18, 2023, that it was sacking 10,000 employees it expects slower earnings for 2024.
The layoffs will last until March with the company saying that marketing teams and engineering will be affected.
In a memo, the company’s CEO, Satya Nadella said that the company will ensure that sacked workers will receive pay commensurate with its revenue growth.
The company will take a $1.2 billion impairment as a result of its restructuring and layoff efforts.
Amazon
E-Commerce giant, Amazon has been laying off workers since last year. In November 2022, the company began job cuts which affected units such as recruiting, devices and services, giving them a severance package that included a separation payment, transitional health benefits and job placement.
In retail, Amazon employees in the US will get full pay and benefits over a 60-day period when the company will keep them on the payroll but won’t be expected to keep working.
After that time, Amazon will offer sacked workers several weeks of severance packages depending on their length of time with the firm, a separation payment, transitional health benefits and job placement.
Salesforce
According to CNBC, severance packages for sacked Salesforce employees will include six months of healthcare benefits coverage and a minimum of two months of outplacement support.
Meta
On November 9, 2022, Mark Zuckerberg, Meta CEO announced that the company will cut more than 11,000 jobs in an effort to become a leaner and more efficient company.
Zuckerberg said sacked employees would get 15 weeks of severance pay and two weeks for every year of service as well as the vesting of restricted share units and health insurance package for a determined period of time.
Twitter saw a more turbulent severance period than most tech companies after Elon Musk took over the Microblogging site.
The company is expected to sack more than 3,700 employees or over 50 per cent of its workforce.
However, many more workers resigned after Musk announced that Twitter employees would be expected to put in more hours at work.
Existing severance packages will continue under Elon Musk but a group of ex-employees said that the agreement was not honoured.
According to Musk, laid-off employees would get three months of severance pay but employees said that they got were given just one month of a severance package.
The company has sacked more than 4,000 contract workers without giving them prior notice.
List of 7 top companies already firing thousands of workers in 2023
Legit.ng reported that only two weeks into the new year, thousands of people working for top companies have already lost their jobs. Going by disclosures by some companies, many more are going to be laid off in the coming months.
In the second half of 2022, top tech companies led global job cuts, totalling about 97,000, according to a research report by Challenger, Gray & Christmas, an outplacement services firm. Major companies whose staff were affected by the job cuts include, Microsoft, Meta, Twitter, Stripe, Lyft and Coinbase.
The number of companies joining the list and the number of staff affected by global job cuts seems to be rising, even in 2023. Legit.ng compiles a list of companies that have announced plans to cut the size of their workforce.
Source: Legit.ng
