Yahoo offers severance with a soft landing
Company offers a twist on the typical cut-loose package doled out by most companies, according to sources.
A pink slip for corporate America's newly laid off typically means a severance package and a "see ya."
But when Yahoo, it came with a twist, according to several sources.
Yahoo's 1,520 pink-slipped employees will remain on the payroll through February 13, retaining the ability to continue vesting any options that may come available through that separation date. Vacation accrual, however, will not apply, noted one source.
By the same token, those laid off employees will be "on call" to answer any questions that those who will be taking up the slack may have, to a certain extent anyway.
For those folks who have not landed a job by February 13--which in this recessionary climate may be many--nor bad-mouthed the company, will be entitled to an additional lump sum payment of two, three, or even four more months of severance, sources say.
And on top of that, an additional one month of severance will be awarded for every five years of service at Yahoo, sources note.