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!
It can go in two ways :
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
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 ....
Market standard? Hasn’t been that long. Just go with highest a good company gave
I don't know why everyone is making a big deal out of layoffs. Even the ones who laid off are not that concerned than the ones who comment.
Laid off employees literally get free money upwards of 10 lakhs in many cases of senior develope...
Hope you get laid-off & get a good severance package! Will see how your job search goes.
I’ve heard everything from 1 month to 6 months as severance. What’s really the reality?
Instead of giving out the severance, they’re asking for resignation.
And what’s worst is if you don’t resign they won’t give you experience letter and full and final settlement.