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.
Interesting, that doesn’t even meet the statutory requirements in Canada, which is 1 week severence+ 1 week in lieu of notice per year of employment. One top of that civil case law will generally add another 2 weeks per year of employment for employees who have been with a company for more than 5 years. There are other factors involved in this however. The whole thing generally tops out at about 20 months, too.
That 1 week in lieu of notice per year of employment must be “a thing” elsewhere, I’ve seen it many times.
By the way, as I read the summary above, Oracle did meet the statuatory requirement in Canada + 3 additional weeks of severance. Not that this is “good” of Oracle, they’re undoubtedly doing the minimum they can get away with - duty to shareholders over employees and all that.
They explained it more clearly later in the article. 4 weeks for the first year, then 1 week for each additional year of tenure. So a three year employee would get 4+2, which is the same as in Canada. But a 4 year employee would get 4+3 which is less than the statutory (1+1)*4 in Canada.
In Canada, once you get to about 6 years of employment, you can start to expect (1+1+2) * (# years). With a cap of about 80 weeks. You’d bust past the woeful 26 week cap with just 7 years of service.
And, BTW: You would need 23 years of tenure to hit that 26 week cap.
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