Anyone have their meeting yet with HR? And, what is the severance package?
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Does the severance package include healthcare coverage?
They are letting go of more than 500 people. Last I heard, they letting go of about 75% of their workforce. They are giving everyone an additional 3 weeks paid severance.
The reason layed off employees got three weeks of additional pay last round is because the company was laying off more than 500 employees, and under the WARN act employees are supposed to get notice and they weren’t getting notice because they had to leave the same day. Therefore, 2U gave out three weeks notice pay you can say, +2 weeks for every year worked at 2U.
In the last round, it was 3 weeks + 2 weeks for every year. You also got credit for the current year. So if you were employed for 1.5 years, you would get 7 weeks. If you were employed for 6.5 years, you would get 17 weeks. No one got 3 months plus the 2 weeks.
That’s pretty generous.
I wonder if the formula is different based on your tenure. My friends in SE included in the last round said 3 weeks + 2 weeks per year, but they had been here 10+ years. Maybe it's 3 months + 2 weeks per year if you've only been here a handful of years?
That's not right. 2u cut it down from the last round of layoffs. Not sure if that is because it is mostly impacting departments with higher salaries (engineering, LMS, etc), but in the last round, SE got 3 months plus 2 weeks for every year worked.
2 weeks per year of employment. They also said if the company pays out bonuses this year you will get your 2023 bonus.
2 weeks for each year of service rounded up, plus 3 weeks.