Thousands Oracle Employees who were recently laid off received notification via email that their positions had been eliminated. The communication offers employees a severance package that includes several weeks of base pay and encashment of certain leave and benefits. Information about the severance package formula adopted by the company for its employees in India has emerged on social media. However, as of now, the company has not issued an official statement on the matter.
“Around 12,000 employees have been laid off in India. Companies are planning another massive layoff within a month,” two people affected by the layoffs told PTI soon after the news was announced.
Last week, the news agency announced Oracle Provide 15 days salary to every employee who has completed one year of service in India. In addition to this, there are unpaid wages for the month preceding the termination date, encashment of leave, gratuity based on qualifications and payment for the one month notice period. In addition, Oracle also proposed two months’ salary as a bonus. However, this severance package is only available to those who choose to voluntarily and amicably resign from the company.
Also read: Oracle layoffs: Check out the steps H-1B visa holders need to maintain legal status in the U.S.
Oracle lays off 12,000 employees: What we know about the severance pay formula
Information on mass layoffs in India is limited because Oracle No official data or statistics have been disclosed. Affected employees took to social media to share their experiences and insights into the severance package.
Posts on platforms like X and Reddit indicate that the company intends to determine severance pay by rounding up each employee’s total years of service and adding an additional three months to that. However, HT.com cannot independently verify the authenticity of these posts.
It is expected that the calculation will be based on gross wages and will also include a value of $20,000.
Fired employees will receive approximately one month’s salary for each year they have worked with the company. This amount includes the 15 days required by Indian legislation and an additional 15 days as a goodwill gesture. In addition, they will receive one month’s “gardening leave” pay, which is a period of paid notice without having to work. In addition, they will receive an ex-gratia bonus equivalent to two additional months of salary. Any unused time off and gratuities will be reimbursed separately.
Severance pay for Oracle employees in the United States
Although there is no clear information about severance packages specific to India, a credible report by Business Insider sheds light on the severance package structure in India. Oracle Employees in the United States. Employees are eligible for four weeks of base pay in the first year, plus one additional week for each additional year, up to a maximum of 26 weeks, the report said.
This suggests that severance policies vary by location and there is no guarantee that a similar structure will be in place in India.
Business Insider’s report on severance pay states, “You may be eligible for enhanced severance benefits: four weeks of base pay in your first year of employment, plus one week of pay for each additional year of service, for a total of up to 26 weeks of base pay based on your most recent hire date.”
