Jack Dorsey’s financial services company, Block, is set to lay off nearly 4,000 employees, approximately half of its workforce. Notably, the severance package has garnered attention for its generosity: laid-off workers will receive 20 weeks of pay plus an extra week for every year of service, six months of medical expenses, a $5,000 stipend, and the option to keep their work devices. Brooks Holtom, a Georgetown business professor, described the package as “relatively generous.”
In comparison, other tech giants like Amazon, Meta, and Airbnb offer less favorable severance options. Amazon’s recent layoffs included 90 days of pay and an additional severance, while Meta provided 16 weeks of pay plus two extra weeks for each year of service. Airbnb’s 2020 layoffs came with 14 weeks of base pay and one year of health insurance. Google laid off 12,000 employees in 2023, offering similar terms to Meta, while Microsoft claimed to provide above-market severance benefits without specifics. In contrast, Twitter (now X) provided minimal benefits, causing some employees to take legal action over inadequate notice and support.
Source link
