Many of the largest tech companies announced the need for mass layoffs this year. According to Business Insider, five companies have let go of 15,000 employees, and more cuts are likely on the way.
Due to an ongoing recession, many companies will lay off their employees in the coming months. If you work for a tech company or in an adjacent industry, you might wonder what you can expect as a severance package.
There are not very many details regarding Twitter’s severance package. Employees will receive 12 weeks of salary without other public information about severance pay.
Laid-off Meta employees will receive 16 weeks of salary, with an additional two weeks per year of service without a cap. They also will have six months of health insurance, immigration support for visas and access to job leads.
Lyft provides 10 weeks of salary, with an extra four weeks for four years of employment. Health insurance extends through April 30, 2023, and employees will have access to resume and interview coaching.
Amazon provides three months of severance pay, with one extra week per six months of work. Health insurance only lasts through December, and the company promises to provide job placement support.
Stripe pays 14 weeks of salary, with an indeterminate extra pay for tenured employees. They will pay six months’ worth of health care premiums in cash and give out every employee’s 2022 bonus with no exception.
If you work for a similar company, your severance pay might mirror the packages described above. Keep in mind these are some of the largest companies in the world. However, the company’s size does not necessarily correlate to severance benefits.