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“X” Didn’t Pay Severance. Now It’s Facing 2,200 Cases—and Big Fees
(www.motherjones.com)
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this post was submitted on 04 Sep 2023
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What's that come out to, around? 4 weeks pay per employee?
Literally the post:
That didn't answer the question
Considering that number isn't the amount of severance pay, it kinda did.
They were asking about the severance pay though? Did you reply to the wrong comment?
The way the comments read, they were asking if the amount that was given ($3.5mm) was for severance. I am pointing out that it is not, that it's for fees only.
That's the penalties, not the amount owed to the employees.
Exactly.
Well, minimum 2 months per employee plus the 4 weeks. Let’s figure an average salary of $80k. 6000 employees with an average tenure of 4 years. Let’s go ahead and round that to 3 months salary. So he’s paying the equivalent of 1500 employee’s average salary. That works out to about $120m.
I think my salary estimate is low there, and I have no idea what the tenure of the employees would be. Either way, not a small sum for a company that’s barely treading water.
I am gyessing that engineers at Twitter were probably making around $150k per year, give or take.
I would guess 150-250k.
Twitter was known for lower pay (and a lower pace) than the big names, but it's still the bay area.
That's probably more accurate.
$80k/year*.25year*2200 = $44m in this case, though like you said your salary estimate is probably low
1500 = 6000 employees multiplied by 0.25 already. No need to multiply with .25 again.