471–480 of 936 posts
Separated employees will receive 14 weeks of pay, and one more week for each year served at the company (rounding partial years up). The firm is also dropping its one-year equity cliff so that employees who are laid off with under 12 months of tenure can buy their vested options; Airbnb will also provide 12 months of health insurance through COBRA in the United States, and health care coverage through 2020 in the res…
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As I recall, COBRA is pretty expensive.
I believe it's just the full cost of the plan you were already on, the sum of what you and your employer were paying for it. So it can be expensive if your employer was paying a lot for it.
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They are probably double trigger rsus with 10y expiration
You mean if you're still an employee? I've read their RSUs have 7y expiration, which is part of the whole Airbnb IPO problem because the ones from 2014 will start expiring next year. But what's the window to exercise once you leave the company? I doubt it's until expiration.
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Sounds amazing, I wish someone would lay me off like that, damn. Four months PTO with healthcare?!
Do you realise you have to find a new job within those four months?! It's not 'time off', it's time desperately searching for a new job until you start eating into your savings and your children end up starving.
"Eating into savings" is what saving are made for.
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Do you realise you have to find a new job within those four months?! It's not 'time off', it's time desperately searching for a new job until you start eating into your savings and your children end up starving.
What is the median salary of people who were laid off? It is some how hard to believe that they will start starving within a year after a layoff (perhaps if they plan to maintain their expense levels unchanged, but still sounds very improbable) What are the calculation that lead you to this conclusion ?
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Most employees in the US are hired at will. This means that the companies are not obligated to continue to offer their employees work. Severance is usually paid by the employer so that the employee agrees to leave amicably and does not sue for wrongful termination. Which country do you live in? Is it common practice for all employees to have severance negotiated as part of an employment contract? What happens if the…
In Australia it's not negotiable. Our employment laws dictate what severance payment is required if a company is letting people go to reduce costs. Those laws don't apply if the employee leaves of their own accord, or if they are fired for other reasons.
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I personally suspect that travel related industries will be one of the last to recover, both due to consumer reticence and due to lower levels of disposable income during the recovery.
> lower levels of disposable income during the recovery. There's also going to be a lot of pent-up demand from people who didn't lose jobs and had no outlet for leisure spending during the quarantine. I'm not sure which will win out.
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Anyone who loses health insurance due to losing their employment (even if they voluntarily resign) is legally allowed to buy COBRA for 18 months. I think they are paying for it, otherwise this would be a fairly meaningless statement since the employer isn't involved with COBRA at all and that's less eligibility than any employee would have.
Many times employers will make statements like this for better PR (always leaving out that they were required to)
If Airbnb is willing to pay 14 weeks (3.25 months) of severance, they must believe this is going to go on significantly longer than that. Or they're using this as an opportunity to cut underperformers at the same time. Because if they believed things would start to recover by fall, wouldn't you just pay the people as normal and make a judgement call around then? You're spending the payroll money either way -- 14 week…
Some economists are hoping for a better outcome than this of course, but you can connect the dots and see what people are planning for, as you've done here. Airbnb is not alone in planning for depression, and the travel industry will be worse than most.
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They wanted like $1400/month for family coverage when I left my last job. I rolled the dice and went without it. It's available retroactively so if you need it later you can sign up for it.
The crazyness of the best country in the world. "I rolled the dice!". This looks insane to any non-American.