Asking for the people on H1B because finding another job is a tricky business and gap in employment is not something you want to ever explain to anyone.
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2 months on payroll and then severance. The severance should be negotiated beyond the standard 2 months plus one week for each year.
For those on h1b, you will be employed for the next 60 days or end of March I believe and then you have 60 days on your h1b. In total you have 120 days to find another job.