From severance package to bonuses: Here's what Google will offer to laid off employees

Google CEO Sundar Pichai has released a statement which discloses that Google will be firing 12,000 people. "I have some difficult news to share. We’ve decided to reduce our workforce by approximately 12,000 roles. We’ve already sent a separate email to employees in the US who are affected. In other countries, this process will take longer due to local laws and practices," reads the message from Pichai to Google employees.

"This will mean saying goodbye to some incredibly talented people we worked hard to hire and have loved working with. I’m deeply sorry for that. The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here," it continues. 

What benefits will the laid off employees get?

Google will be offering some benefits to the Google employees, who are being laid off, to help them transition into another job. In the United States, employees will be paid for the full notice period (which is at least 60 days), and will also receive a severance package that starts at 16 weeks' salary plus an additional two weeks for each additional year worked at Google. Additionally, they will have their Google Stock Units vesting accelerated for at least 16 weeks. Employees will also receive their 2022 bonuses and remaining vacation time. Furthermore, they will be offered 6 months of healthcare, job placement services, and support for immigration for those affected. For employees outside the US, the company will provide support in accordance with local practices.

Pichai says Google hired workers under an economic condition which no longer exists 

Pichai's letter states that over the past two years, the company has experienced significant expansion, but in order to sustain that growth, they hired employees based on an economic outlook that is no longer valid. Pichai is referring to the prospect of a global recession, which may occur due to the US Fed's decision to raise interest rates. "I’m sure you have many questions about how we’ll move forward. We’ll be organizing a town hall on Monday. Check your calendar for details. Until then, please take good care of yourselves as you absorb this difficult news," reads the letter.