Yahoo Severance Terms (YHOO)

Yahoo (YHOO) is supposed to cut 1,500 employees today. A reader says “layoffs are underway” and offers unconfirmed details about severance terms:

  • “Last day of work” is Dec. 10th
  • Employees are considered “on the payroll” through Feb. 13th (accrue vacation, get benefits, etc. during that time).
  • On Feb 13th, if employee hasn’t found a new job, Y! pays out a 2 month severance in lump sum form
  • All employees must remain “on call” to answer “reasonable” requests between now and Feb. 13th
  • Y! employees can’t disparage, etc. the company
  • For people with line responsibilities, there appear to not have been any transition plans (at least in one example I know of).  There’s going to be some confused clients/salespeople tomorrow morning when their e-mails aren’t getting returned. 

See Also:
10 Tips For Negotiating A Big, Fat Severance Deal
Yahoo Management’s Layoff Instructions (YHOO)

 

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