Market standard severance for managers?
I am a manager with ~18 years of experience with my company in Bangalore, a wholly owned subsidiary of an American company, and I have heard that they will shortly be doing a closure of their India operations and laying off all the Indian employees. I wanted to get an idea of the market standard severance packages that are paid to manager level employees before going into negotiations with them? What is usually offered? And what am I legally entitled to? Any other advice is greatly appreciated!
Market standard? Hasn’t been that long. Just go with highest a good company gave
Cobra
Stealth
a year ago
It can go in two ways :
1) company can legally notify that the the company is closing operations / role is redundant ..and pay to notice pay as per terms of contract ..be 2 months or 3 depending on your contract
2) big mnc , generally, have notice period pay plus 1 month pay for each year of completed service .
So if x has served for one complete year and his notice period is 2 months , the best case is he gets 1+ 2 = 3 months or notice pay ....
3) there are parts of Europe where severance or redundancy is specifically covered and you have to go as per country specific law .
