In IDC, if you're laid off, you get a month's salary for each year you 'served' the company. Plus, salary of the notice period and any earned leaves you saved.
If you were in Oracle for 10 years and some months, you'd get 10 + 2 + 1.5 months of sal (max, assuming 2 month's notice and 45 days of saved leaves). That's almost a year's salary (13.5 months).
Employees who resign, don't get that. You did.
Wow, one month per year of service? USA is only one week per year of service.
Is the severance just Basic pay in India or the Gross Pay (Basic+Flexible Pay Plan)?
American companies in China are usually more generous: say you served for 10 years in company then you may get 10 + 1 + N (usually from 0 to 7) months of sal. Different companies may offer different N.
In some (as in many) countries severance benefits are defined by law and can be quite generous.
Is it the basic salary, or Basic+Benefits?
"In IDC, if you're laid off, you get a month's salary for each year you 'served' the company. Plus, salary of the notice period and any earned leaves you saved."
This is better than US conditions.
Its 1 month plus one WEEK for every year of service. IDC got it lucky. Dunno why
Its confirmed. No of years = no of months salary. I confirmed this from a colleague who was asked to leave. HR also confirmed that.
Mostly in Bangalore and few in other places too... all across the board.. Dev, Doc, some QA too...
50-60 laid of where? IDC? Which place ? Team?
Is this something confirmed or one of the rumors? I had also heard a rumor that it is no of years * weeks salary. Leave encashment also gratuity for those who completed 4 years and 240 days is standard.
Around 50-60 laid off today. Bad day!
I guess company saves some money from your salary for compensation if you're laid off and gives it to you. If you resign, you don't get your own money and it goes to the company's piggy bank.