On March 31, Oracle laid off approximately 20,000 to 30,000 employees via email. One employee discovered the situation when they could not access the VPN system and found their Slack account deactivated. Shortly after, they received an official notification that their position had been eliminated. This was reported by Techcrunch.com reports .
The severance package offered by the company caused widespread dissatisfaction among employees. Oracle offered four weeks of pay for the first year and one week for each subsequent year, provided that employees signed a waiver not to sue. However, these payments were capped at a maximum of 26 weeks.
The biggest issue concerned Restricted Stock Units (RSU). Oracle canceled unvested shares as of the termination date. As a result, some employees lost millions of dollars in stock despite being only a short time away from vesting. The company did not even retain shares granted as incentives.
Furthermore, the company attempted to bypass WARN Act requirements by classifying employees as "remote workers." This law requires two months' notice for mass layoffs. Oracle included the pay in lieu of notice in the total severance package, which further fueled employee frustration.
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