8 ms·
Severance summary: Severance. We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap. PTO. We’ll pay for all
by technics256 4y ago
Severance summary:
Severance. We will pay 16 weeks of base pay plus two
additional weeks for every year of service, with no cap.
PTO. We’ll pay for all remaining PTO time.
RSU vesting. Everyone impacted will receive their November
15, 2022 vesting.
Health insurance. We’ll cover the cost of healthcare for
people and their families for six months.
Career services. We’ll provide three months of career
support with an external vendor, including early access to
unpublished job leads.
Immigration support. I know this is especially difficult
if you’re here on a visa. There’s a notice period before
termination and some visa grace periods, which means
everyone will have time to make plans and work through
their immigration status. We have dedicated immigration
specialists to help guide you based on what you and your
family need.
- whoooooo123 4y ago4 month's paid holiday? This is the kind of severance that would make me wish I'd been laid off.
- 10241024 4y ago4 months of severance + 2 extra weeks for every year of service i.e. 20 weeks (~5 months) if you've been there for the last 10 years. So ~9 months paid holiday in total. Not bad at all.
- nvarsj 4y agoNo RSUs though, which make up 30-50% of compensation depending on level.
- scarface74 4y agoWith the stock being down 70% from its all time high, the ratio has changed drastically.
- agilob 4y agoOr have something similar guaranteed by EU Worker Protection. I was made redundant a few years ago and was paid 4.5 month salary on my last day.
- namdnay 4y agoyes but having both the sky-high US salaries AND termination conditions similar to Europe is kind of a win-win
- agilob 4y agoOnly for sky-high earners. Are low paid keyworkers getting same benefits or becoming homeless?
- yreg 4y agoThis is quite good even by European standards. If you were paid 4.5 months because the law said so then it isn't harmonized, because in my EU country it is only 3 months notice afaik. Also not sure if the Meta severance applies to contractors as well, but many engineers work as contractors by which they of course opt out of worker protections.
- agilob 4y agoIt's not the same as workers protection law is an EU directive so each country implemented it on its own.
- ciupicri 4y agoWhat are you talking about and in what country?
- coffeeblack 4y agoThat sounds pretty good. Even better than good.
- mrtksn 4y agoIs it if you are not a home owner still? The problem with not being a home owner is that you have very high burn rate because the market was able to optimize for housing profit extraction - that is, significant portion of the compensation of high earners ended up in the pocket of property owners. Suddenly, these high earners are no longer high earners but they can't instantly transfer their situation to property owners which means they have only 16 weeks or a bit more to start receiving at least equal paycheque. It often takes more than that to start working somewhere white collar and since Meta is not the only one doing lay offs, it probably means that they will not be able to start receiving similar paycheque when they continue having the same burn rate(or maybe higher, because inflation). I don't say that Meta is necessarily wronging these people but I can't keep but thinkıng about what it means being compensated for the work you are doing and the security of your life. If you take home 10K every month and distribute 9K of it just to sustain life then your compensation is actually 1K/month. Tech layoffs are happening this year and its probably well justified but I have a feeling that other parts of the economy is also not functioning right and people will get screwed because their business relationship(compensation and cost of doing business structure) isn't fair.
- deleted 4y ago[deleted]
- fleddr 4y agoSurely this is a vast exaggeration. Rent should not take more than 25% of your income, 33% worst case. In some countries/jurisdictions that's even part of legibility requirements. If rent/utilities are in the range of 75% or more as you seem to imply, there would be literally no point at all to work in Big Tech.
- mrtksn 4y agoThere are a lot of people doing room share to take the cost of rent down or commute long distance. You can definitely balance between price, commute, comfort, privacy, grownupship and self respect. No surprise that many people really, really want to fully work from home so that they can better optimize. 9K is exaggeration of course, that would be quite irresponsible but it would be also the only way to put you in a lifestyle of a person who makes 5K a month.
- tudorizer 4y agoI doubt that's the most important part. Maybe for yourself. The overall tone and high-level business decisions are much more interesting.
- deleted 4y ago[deleted]