The one-time retirement program, announced in a memo on Thursday, will be available to U.S. workers at the senior director level and below whose years of employment and age add up to 70 or higher.
Business Insider obtained a full copy of the document, an internal explanation of the so-called Voluntary Retirement Program (VRP). According to the document, eligible employees who take the buyout will receive:
A lump-sum cash payment equal to a minimum of eight weeks and a maximum of 39 weeks of base pay, based on seniority and tenure. Employees levels 64 and below will receive one week of base pay per six months of service, and employees levels 65 to 67 will receive two weeks of base pay per six months of service.
Up to five years of insurance coverage, including medical, dental, and vision for the employee and their dependents. Microsoft pays for the first year.
Continued regular stock vesting for six or 12 months, based on years of service.
Continued retirement stock vesting for employees who meet certain requirements.
Last day of employment July 1.