Oracle Layoffs: Severance Packages for Affected Employees in India and the US
Oracle severance pay: What amount will laid off workers in India and US get in compensation?
Hindustan Times
Image: Hindustan Times
Oracle recently laid off approximately 12,000 employees in India, offering severance packages based on tenure, including 15 days' salary per year of service and additional bonuses. In the US, severance pay varies, providing up to 26 weeks of salary based on tenure. The company has not officially confirmed these details.
- 01Oracle laid off around 12,000 employees in India, with plans for more layoffs soon.
- 02The severance package includes 15 days' salary for each year of service and additional bonuses.
- 03Employees in India may receive up to three months' salary as part of their severance.
- 04In the US, severance pay is structured differently, with a maximum of 26 weeks based on tenure.
- 05Oracle has not officially confirmed the severance details, leading to reliance on employee reports.
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Oracle has laid off approximately 12,000 employees in India, notifying them via email about the termination of their positions. The severance package offered includes 15 days' salary for each year of service, along with a one-month unpaid wage until termination, leave encashment, gratuity, and a two-month bonus for those who resign voluntarily. This package is reportedly calculated based on gross salary and includes an insurance coverage worth ₹20,000 (approximately $240 USD). Additionally, employees will receive a month of 'gardening leave' salary, which is a paid notice period where no work is required. In contrast, Oracle's severance package for employees in the United States offers four weeks of base salary for the first year of employment, plus an extra week for each subsequent year, capping at 26 weeks. The disparity in severance structures highlights the varying policies based on location, and Oracle has yet to provide an official statement regarding the specifics of the severance packages.
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The severance package will provide financial support to laid-off employees, helping them transition during their job search.
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