Severance details will be provided in the next two days.
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Did they say anything in your package about unvested RSUs (stock grants) which vest after your last day?
if you have an FSA, the last day for an eligible expenses is your last day of employment
Severance details were sent to me last night, the day I was informed. 60 days normal pay plus benefits, Cobra after that if you need it. Severance package lump sum, and a lump sum to pay for Cobra. However I believe these are not paid until after the termination date, which is almost 2.5 months away, which is kind of silly. What's the point of having some time off without a bunch of money to buy something nice.
Thanks for the clarification about medical insurance (US). Since network/badge access ends on Wed, it wasn't clear if the 'end of the month in which your employment ended' referred to March or May. In the US, this is a hugely important.
@ax what dept?
@ap I am from Snps side. I was fired today, 50 % of my team was fired today
Severance packages are given. Some impacted people have it in mail.
@an most of what I am hearing is ANSS. I feel like classic SNPS was hit harder in November.
@am that's what I figured as well. I'm surprised they are getting rid of anyone from Classic Synopsys.
Ansys legacy, Synopsys, or mixed? Anyone knows? I bet more ANSS than SNPS, but wanted to know..
@a8 Network access is cut after 3/25. Employed through 5/26. Medical coverage until 6/1. Severance package presented within 2 days by 3/27, with 45 days to sign.
@a6 If you are over 40 years old (in the US) you will have 21 days to evaluate the severance once it is presented you. Based on previous layoffs, it would appear Synopsys is paying at least 60 days of regular salary and benefits, in lieu of a WARN notice. It seems like this is case of gross incompetence combined with a lack of empathy on the part of the management.
@OP I don’t understand why severance details are not presented at the same time? Seems cruel to make people linger with no details. Not surprised but surprised
Sorry to hear this. Your worth is not your job. You will recover even better than before.