If you get fired do you get severance?
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I believe the package has changed slightly over time, particularly with respect to the cap. I believe the severance is now capped at 26 weeks, regardless of the number of years. I recall when Oracle took over Sun, a number of folks specifically asked HR about the package specifics. We were told it was 4 weeks for the first year plus 1 week for each year after the first. We were also told there was no cap on the number of weeks. So a 30 year employee would get 34 weeks of severance.
I would not be surprised if the severance policy gets tweaked over the next few years, particularly if Oracle sees the need for larger RIFs.
The new "unlimited vacation" policy also impacts the payout as Oracle no longer has to pay out unused vacation balances.
The bottom line is the Oracle will payout minimum amount it feels necessary to avoid legal costs associated with law suits from terminated employees.
I was laid off in the US in May. the package sent says 2 weeks for the 1 year, 1 year thereafter.
hope that helps
When I was laid off by Oracle, health insurance was cancelled as of midnight that same day. Had to apply for COBRA and make it retroactive to the day after layoff, and paid for the rest of that month myself. Was a challenge to cover bills before COBRA paperwork showed up, I signed up, and it eventually kicked in.
@@UfXgoTw-1uqv re "US is 2 weeks for 1st year and 1 week for every year after.
Cobra is expensive. For a family roughly $2300 a month."
is this information current ? New information ?
Oracle has ALWAYS in the past paid out in the US 4 ( FOUR ) weeks for 1st year and 1 week for every year after.
Cobra IS expensive - 1200 total for all medical , dental and vision for 2 people. Oracle pay zero. Lucky to get first 30 days.
In MA you can buy policies with similar deductibles to most Oracle plans (for family with 1 or 2 dependents) for about $1200 per month. Not sure what things are like in CA. By that standard the COBRA cost seems very high.
"My understanding is that Oracle self insures its medical plan, so how does it actually determine the cost employees must pay?"
Well, they probably take the total amount paid out in benefits and divide that by (number of insured employees * 12). The annual cost appears in the W-2 form.
As to why so expensive, thank the medical-industrial complex. Even crummy Obamacare plans with huge deductibles cost $600 per person per month.
Does anyone know why COBRA is so expensive? Does Oracle make any contribution to COBRA other than providing the first 30 days? My understanding is that Oracle self insures its medical plan, so how does it actually determine the cost employees must pay? Hard to believe most employees can afford $2300 per month when facing unemployment.
During the SUN layoff last year it was: 4 weeks + 1 week per year of service, with a cap of 26 weeks; and they paid for the first month of Cobra, which for a family is very expensive (2000+ per month)
They pay zero of the Cobra. Nada. Zip. They have info on how to apply for affordable healthcare. But you are on your own to pay for Cobra.
The COBRA cost seems very high. What percentage of the cost does Oracle actually pay? They are self insured, right? How do they determine the actual cost?
US is 2 weeks for 1st year and 1 week for every year after.
Cobra is expensive. For a family roughly $2300 a month.
What is the current severance package now in the US? I.e. number of weeks calculation? Anything for health insurance other than Cobra?
I was fired for cause and got severance.
Fired for cause? Probably not. Position eliminated (aka layoff), then you should get severance.