Oracle layoffs: nearly 30,000 worldwide, about 12,000 in India, severance
Oracle just let go of about 12,000 people in India and nearly 30,000 worldwide as part of a major company shakeup. More job cuts might be coming next month.
If you're wondering about severance, here's the gist: in the US laid-off staff typically get four weeks' base pay for their first year at Oracle plus one extra week for each year after that (capped at 26 weeks).
India is expected to follow a similar approach, adjusted for local laws.
To get their payout, employees need to accept the terms and finish some exit paperwork.
Oracle: layoffs target AI and cloud
Oracle says these layoffs are part of its push to invest more in AI and cloud tech.
By shifting resources and trimming teams, it's hoping to stay ahead in the fast-moving world of artificial intelligence, pretty much following where the whole tech industry is headed right now.