These are the severance packages big tech is paying out
From Amazon’s plans to shed 18,000 employees to Meta’s decision to let go of 11,000 people, the number of tech layoffs keeps on growing. In fact 365 tech companies have reduced their workforces so far this year, totalling just over 105,000 employees.
In happier times, the in-office perks and benefits offered by big tech companies grabbed the headlines. Nowadays it’s the severance packages they’re paying out that are getting the most attention.
As federal law does not require employers to provide a severance package, workers are at the mercy of their soon-to-be former employer once layoffs have been announced. And unsurprisingly, some are more generous than others. Discover some of the biggest payouts below.
U.S. employees who are part of the cohort of 12,000 workers that have been served their notice by Google’s parent company Alphabet will receive 16 weeks severance along with an additional two weeks pay for every year they’ve been at the company.
Microsoft is downsizing its workforce by 10,000 this year cutting its global workforce of 220,000 by 5%. Although this figure seems small, it’s believed severance packages, lease consolidation and other restructuring expenses related to reducing its workforce will run to the tune of $1.2 billion.
Salesforce has detailed one of the most comparatively generous severance packages — the 7,000 workers that have been laid off will receive a minimum of five months of pay, six months of health insurance benefits, and a minimum of two months of career resources.
Amazon started culling employees back in November 2022 and its latest round of layoffs concerns mostly retail staff. For these employees, Amazon has stated it will offer full pay and benefits for 60 days, moving to a severance package based on length of service, along with a separation payment, health benefits and job placement.
When Mark Zuckerberg announced thousands of layoffs at Meta at the end of 2022, employees were promised 16 weeks severance plus two weeks for every year of service along with vesting of restricted share units, and health insurance coverage for a period of time. So far, so good. However, some former employees from Meta’s Sourcer Development Program, designed to help workers from diverse backgrounds establish a career in tech, have come out to say they only received eight weeks of severance and three months of COBRA.
When Elon Musk took over the reins at Twitter in October of last year, an avalanche of layoffs quickly followed. Musk previously stated that all laid-off employees would receive three months of severance pay — however some employees say they’ve only received one month and are now pursuing legal action against the company.
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