I've read a few comments here that say that in case this goes through, laid off employees might not receive severance. Is this legal? I thought the companies were required by law to provide severance and a 60-day notice to employees? Or is that just the notice and unemployment?
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Broadcom will offer severance if you are let go. They will not and have never not offered severance if you are involuntarily let go. Keep in mind, in the USA severance is calculated based on your base salary, not total cash compensation. Outside of the US the calculation will be different. They typically will follow the VM aware Severance Policy for a period of time after the acquisition closes (usually a year after close). The deal will take time to close, probably 6 months from now.
In the USA there is something called WARN pay which they will absolutely trigger (it’s if they cut a certain amount of people in a state or location). WARN is complicated, but may get you an extra 60 - 90 days pay and benefits depending on your location.
Good luck, most people do better if they stay or leave so really a good situation for everyone involved, especially if you get your stock accelerated and a severance package!
Severance rules and laws vary by jurisdiction. (Even state to state in the US.) So it depends on which country and state you’re in.
If you are in a large office— think of hundreds and they lay off more than half, they have to provide a WARN. This is so many days.
Severance is a benefit, not a right or guarantee (at least in US). Historically, they honor 1 paycheck per year of service up to 20 years. It's a blessing in disguise if you wanted to quit anyway. Ride it out and get paid.
“ I've read a few comments here” - mistake number 1.
This is an anonymous gossip board.
It is up to VMWare management and shareholders to negotiate severance packages and include those details in the SEC filings if this goes thru. You should EXPECT that management will provide for a fair outcome for all the employees, otherwise, there will be a general mutiny & the deal will not be a positive.
I was under the impression severance packages mean you can't file unemployment and that is what companies tend to want to avoid having you do because of the costs on the company for that? I am not an expert obviously, so I don't know. Most states here are At Will, meaning, a company can fire you for any reason as long as it is not discriminatory. At will also means you can quit at any time as well, etc.