In the first three weeks of this year, over 100,000 workers in the tech industry have lost their jobs. A new report shows that severance packages vary.
The big picture: Many tech companies saw record profits during the pandemic, which prompted them to increase investments and rapidly expand their workforce. However, with rising fears of a global recession, more and more have recently announced mass layoffs affecting thousands of employees.
In the first three weeks of this year, over 100,000 workers in the tech industry have lost their jobs. A new report shows that severance packages vary greatly from one tech giant to another.
On Friday, Google parent Alphabet announced it was laying off 12,000 employees, about 6 percent of its global workforce. According to an SEC filing, severance packages for US employees include 16 weeks of salary and accelerated share vesting plus an additional two weeks for every year of employment at the company.
