Oracle is offering recently laid-off employees four weeks of severance and an additional week per year of service, according to documents viewed by Business Insider.
The latest documents did not state Oracle’s maximum severance, but the company’s standard pay plan, as reported by Business Insider in March, capped severance at 26 weeks. That package stated: “four weeks of base salary for your first year of employment, plus one week’s salary for each additional year of employment, based on your most recent hire date, up to a combined maximum of 26 weeks of base salary.”
Oracle did not respond to a request for comment.
Oracle started a new round of layoffs on Monday, confirming Business Insider’s recent reporting that the company had drawn up plans to reduce payroll as it racks up billions in debt to fund AI infrastructure.
“After careful consideration of Oracle’s current business needs, we have made the decision to eliminate your role as part of a broader organizational change,” copies of the latest layoff notification email stated. “As a result, today is your last working day.”
Oracle’s severance package appears less generous than those offered by its Big Tech peers.
Salesforce’s standard policy offers up to 30 weeks of severance pay, with a minimum of 9 or 13 weeks based on role, plus an additional 3 weeks of service per year.
Microsoft offered employees in its latest round of layoffs this summer up to 39 weeks’ base pay, with a minimum of 60 days and one or two additional weeks per six months of service, depending on seniority.
Have a tip? Contact Ashley Stewart via email at astewart@businessinsider.com or Signal at +1-425-344-8242.
Contact Tom Carter on Signal at tcarter.41 or email tcarter@businessinsider.com.
Contact Hugh Langley on Signal at hughlangley.01 or email hlangley@businessinsider.com.
Use a personal email address and a nonwork device; here’s our guide to sharing information securely.
Read the full article here
