Severance Packages

Ex-Twitter worker wins fight with Elon Musk over unpaid severance

The resolution of the dispute, which was handled through arbitration, comes almost two years after Musk acquired Twitter for $44 billion and promptly fired over half of the staff

Wipro shareholders approve resolution on $4.3 mn pay package for ex-CEO

Shareholders of Wipro have approved payment of USD 4.3 million cash severance package for Thierry Delaporte, its former CEO and Managing Director, with 89.7 per cent voting in favour of the resolution. The Bengaluru-headquartered Indian IT major had announced the resignation of Delaporte in April this year, and had named Srinivas Pallia as the new Chief Executive Officer. During the voting exercise on the resolution pertaining to payment of USD 4.33 million in cash compensation and applicable social security contributions for Delaporte, 89.7 per cent voted in favour with 10.31 voting in dissent, according to a BSE filing. "The Chairman noted the results of voting as stated above and it was declared and recorded that the ordinary resolutions as set out in the Notice of Postal Ballot dated April 19, 2024 were duly passed by the Members on Wednesday, May 29, 2024 with requisite majority," Wipro filing said. Wipro's Founder-Chairman Azim Premji and the promoter group entities hold ...

Ex-Twitter execs including Agrawal sue Musk for $128 mn in severance pay

As soon as he took over Twitter, Musk fired several other top-ranking executives in addition to Agrawal: Vijaya Gadde, who was the company's top legal and policy official

Byju's ex-employees charge it of missing full and final settlement deadline

Edtech major BYJU'S former employees have alleged that the company has failed to meet the deadline for full and final settlement of laid-off workers. BYJU'S workforce has come down to 31,000-33,000 at group level from 50,000 in October 2022. "I am writing to bring to your attention that I have not received my Full and Final (FNF) payment within the specified timeframe of 45 days and it's about 90 days and I did not get proper resolve from separation team fnf team and all," a former BYJU'S employee wrote on a social media platform. When contacted, the employee claimed that full and final settlement of many employees whom he knows has not been settled yet. An employee sent out an email to several media persons claiming that he was promised by the HR manager at BYJU'S that he would be paid the September month salary along with one month's severance pay by October and later he got an email which deferred the date to November 17. The employee said that the payment is still getting ...

Twitter's mass layoff severance fight now heads to settlement talks

The private negotiations with a mediator are set for Dec. 1 and Dec. 2, according to the memo

Laid-off Twitter workers await severance pay, Musk in for legal trouble

Twitter faces multiple suits over unpaid bills, including for private chartered plane flights, software services and rent at one of its San Francisco offices

Twitter must tell fired workers about severance lawsuit, says US judge

Filed by a handful of workers, the suit alleges Twitter failed to give the required 60 to 90 days notice about the mass layoffs and is shortchanging the former employees on severance pay

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

Is the Meta Inc severance package a lesson for others?

Meta's move to expel 13% of its workforce comes with a generous severance package. New Indian companies may be ruthless with severance, but are liberal with the severance packages. What's behind this?

Ford India reaches severance package settlement with employee union

Ford India, the subsidiary of United States-based automaker Ford on Thursday said it has arrived at a settlement with the employees union on the severance package following the company's decision to shut its Tamil Nadu plant as part of a restructuring exercise. Accordingly, the company would revise the final severance settlement to an average equivalent of 140 days of gross wages per completed year of service from the ongoing offer of 130 days. "An additional one-time lump sum of Rs 1.50 lakh will also be included in the final settlement." Ford India said in a statement. A cumulative severance package for each employee would range from Rs 34.50 lakh up to Rs 86.50 lakh and the revised settlement would translate to an average of about 5.1 years or 62 months salary for each employee, the company said. Ford India said the formal settlement agreement has been planned to be executed before the end of this month and employees would be notified on the next steps towards completing the ex

Ford India, Unions reach final severance deal for Chennai unit employees

Company will revise final severance pay to 140 days of gross wages per completed year of service, compared with 130 days earlier. A one-time lump sum of Rs 1,50,000 will be paid as well

Ford India offers final severance package for Chennai unit employees

It is on average equivalent to 130 days of gross wages per completed year of service, firm says

Covid-19 crisis: Indiabulls sacks over 2,000 employees to control expenses

The attrition is in line with the process we follow every year, says company

Infosys pays Rs 6 lakh in fees to settle ex-CFO severance payment row

Generally, compoundable offences are those which can be settled by paying certain amount of money