"“I had, like, this weird feeling in my stomach. I went to go sign into the VPN, and the VPN was like, 'this user doesn't exist anymore.' Then I called my friend, and I was like, 'Hey, can you see me in Slack?' And she said, 'No, your account's been deactivated.'”"
"Oracle offered fairly standard Corporate America terms to laid off employees. In exchange for signing a release waiving their right to sue, employees received four weeks of pay for the first year, plus one additional week per year of service, capped at 26 weeks. The company was also paying for one month of COBRA insurance."
"The catch: Although stock compensation often makes up a good chunk of a tech worker's pay, particularly at Oracle, the company did not accelerate soon-to-vest RSUs. Any shares that hadn't vested by the termination date were forfeited. That held true even for stock granted as retention incentives or in place of salary increases tied to promotions."
"Some employees also discovered that if they were classified as remote workers by the company, and didn't work in a state with stronger worker provisions like California or New York, the company said they didn't qualify for WARN Act protections. The WARN Act is a law that requires companies conducting mass layoffs to give employees two months notice prior to letting them go."
Oracle eliminated an estimated 20,000 to 30,000 jobs on March 31, notifying employees by email. One affected employee described losing VPN access and having a Slack account deactivated, followed by an email stating the role ended immediately. Severance arrived days later with terms including four weeks of pay for the first year plus one additional week per year of service, capped at 26 weeks, and one month of COBRA coverage. The severance required signing a release waiving the right to sue. Unvested RSUs were forfeited without acceleration, including retention and promotion-related stock. Some employees also faced reduced WARN Act protections due to remote-worker classification, which can affect eligibility for notice requirements.
Read at TechCrunch
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