Anyone else an IC3 or IC4 got a severance? Curious. I heard 2 months…
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Severence is getting cut just like everything else.
what about medical benefits? How long do they give you before you have to pay for COBRA?
Note - Severance may not impact your Unemployment (accrued vacation does). It depends on the state. Some state consider the severance to be a payment for agreeing not to sue (IE you have to sign the CONTRACT to get the money - it is not wages). YMMV
Assuming you are "full time" at least in the US it is based on tenure with roughly a 6 month max and at current compensation. I think there also is something for some part time people, but I don't recall that policy. It should be in the employee handbook though.
You do have to sign some agreements (mostly not to sue Oracle for termination) and return your equipment/badge to get the severance.
Be aware though that Oracle pays severance as a lump sum which has several ramifications:
It is taxed as it it was bonus income so at the highest possible tax bracket. You should get some of that back NEXT year when you file 2026 taxes, but be aware that in terms of net income it really is not equal to the number of weeks indicated.
It can mess up your overall tax bracket situation. I was part of the September layoff and got the full severance (I had been with the company for 25 years). That resulted in me getting the equivalent of 15 months of income in 12 months -- so a lot more of it get shuffled into a higher tax bracket. That is money I will not get back. :-(
You cannot collect unemployment until the severance runs out. This potentially may leave you a gap. Oracle will say they provided x weeks but the net amount (due to the tax withholding) will not equal x weeks net. But unemployment will not pay you until you run the reported weeks out.
The only sorta bright side (again in the US) is if you are 55 or older and get laid off you can tap your Oracle 401k without paying IRS penalties for early withdrawals. I have not gotten to that point (and hope not to) but it is a slight safety net if needed.
Finally good time to tighten belts, make sure your resume is up to date, and start nosing around job boards to get a feel for what jobs are showing up. The market is terrible right now (I am still looking and have only gotten a few phone screenings and 2 interviews) in 4 months. So you may want to be prepared for short term options like gig work, part time stuff, etc. Personally, I am teaching some. Not a ton of hours or pay but helps keep me sane.
Good luck!
Level does NOT matter. Your current salary and time served, along with location are the only factors.
Does anyone know what the formula is? I didn't realize levels mattered. I thought it was just calculated by number of years worked.
6 months max
I was IC4 and because of my 24+ years of tenure got the maximum severance. (26 weeks)
@bc 26weeks max
Never saw a severance by IC level, only by years worked.
There are different packages in the Free World.
I think it's 4 weeks + an additional week for each year of service, with max total of 26 weeks. That doesn't count any garden leave up front, which may vary by state and how O tries to hide the WARN notices.
I heard 6-8 months from some people.