Laidoff Oracle workers tried to negotiate better severance. Oracle said no. | TechCrunch
News Source : TechCrunch
News Summary
- Oracle axed an estimated 20,000 to 30,000 people via email on March 31.
- In exchange for signing a release waiving their right to sue, employees received four weeks of pay for the first year, plus one additional week per year of service, capped at 26 weeks.
- Although stock compensation often makes up a good chunk of a tech worker’s pay, particularly at Oracle, the company did not accelerate soon-to-vest RSUs.
- Any shares that hadn’t vested by the termination date were forfeited.
As was widely reported, Oracle axed an estimated 20,000 to 30,000 people via email on March 31. One of the employees cut that day told TechCrunch about the experience I had, like, this weird feel [+4028 chars]
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