Oracle Announces Mass Layoffs in India, Offers Severance Package to Affected Employees

Tech giant Oracle has once again announced major layoffs. The big thing is that this time about 3000 people from departments like Oracle Health, Cloud Infrastructure and Sales will be laid off in India. The company has also released the terms of the severance package that will be given to the employees amid this new round of layoffs. According to the report, the company has put a maximum limit of 26 weeks or about 6 months of basic pay on the severance package of the fired employees. Under the formula, one week of basic pay will be given on 4 weeks of service for the first year and every year after that. In addition, the unvested stock options of the fired employees will be canceled and they will not be entitled to future corporate bonuses. Oracle's stated severance packages are based on the period of the employee's work in the company. The base salary for the first year of the job and the additional salary for 1 year after that.