Severance packages during layoffs

[Lord Nemesis]

With all the downsizing happening in various companies these days, would like to know what sort of severance packages does your companies give when they are laying off people to down size/remove redundancies. Usually most companies in India seem to be content with giving the salary in lieu of notice period or at best one more month and maybe few other benefits. In other countries, I have heard that they get anywhere from 3 months salary to a years salary based on their service.

My company is also downsizing and laying off people as part of their strategy. They are offering the guys 6 months salary + bonus + all vested and unvested shares they have till now and of course used leaves and other obvious stuff.

I think its a handsome severance package at least in our country considering that people can walk away with anywhere from 7Lac (entry level developers) all the way to 1 Crore for Architects or Dev/QA Managers.

There were of course people who were unhappy about loosing the Job, but I also saw people who were happy to take away such a package and even some guys who were hoping for a layoff.

 

[Vince]

I guess this varies from company to company, as per their internal policies.

And I doubt you'd have any Indian companies giving handsome severance packages, that too to anyone below middle-management. :-/

 

[sky]

I agree with @Vince
Not all companies in India offer such packages. I have seen 2 layoffs (me not part of it) in current and previous organization and they only offer 2 months salary, no other benefits.
@Lord Nemesis you are working in a really good company which is providing such package in these slow down times.If you don't mind please share/PM your company name, may be I will target that in future

One can plan lot of things as part of professional trainings with that package and they will be god damm lucky if they find new job in a month. Of course mental pressure under that situation is unimaginable.

 

[Chaos]

3 months plus a week for every year employed plus usual leave encashing.

No layoffs right now. There were some at the beginning of the year when the company posted a massive loss.

 

[Roxtin]

1 month notice/salary

 

[mach9]

I can tell you for sure.. to put it lightly.. your company really has a more than handsome severance policy! I would even say that the laid off staff are massively lucky in a twisted way! I think IT services/KPO sectors always have better severance policies as a result of having generally better pay packages... but for sure it's not the same at other places.. In most places I've known it's barely a month n a half salary (only basic) for every year worked!

talk about gratitude.

This has to do massively with the f*cked labour laws and employee protection laws in this country. Nobody gives a f*ck about executive/white collar employee rights/protection. The laws of this country that govern these are so pathetically outdated and inherently f*cked, the only category of people who get any sort of rights protection are the blue collars or workers.

Classic case in point.. look at the KFA staff story... every single rule/law has been broken and then some, when it came to salaries.. forget about termination or severance. And to make matters worse, the way the judicial delays only add insult to the gross violation of human labour already meted out.

 

[vivek.krishnan]

Depends on the company. The severance package can be from 3 months to 18 months, depending on the reasons. Basic only

 

[P1tBull]

Your company is offering a very good severance package. I got laid off from my first company in 2009 and I got 1 month of pay for each of the 3 years I had been there. It was a blessing in disguise. Next quarter I got another job with a 200% hike.