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Here's the Severance Package Block Is Offering Laid-Off US Employees
Business Insider • • business
Key Points:
- Block's latest US layoffs include severance packages offering at least 60 days of pay plus additional severance based on tenure, with a minimum of seven weeks' base pay and an extra week per year worked.
- Affected employees who sign severance agreements receive an extra 30 days of paid leave, totaling 90 days of pay, along with three months of COBRA healthcare coverage and a $5,000 transition assistance payment.
- The new severance terms differ from the February cuts, which provided 20 weeks of salary and six months of healthcare, though the overall pay packages are roughly equivalent when factoring in the latest 90 days of pay.
- Block's recent layoffs did not cite AI advancements as a reason, unlike previous cuts, instead focusing on improving efficiency by automating routine tasks and reallocating team efforts to complex issues.
- Other tech companies like Canva and Squarespace are also conducting significant layoffs, with Canva cutting 22% of staff and offering six months' pay, and Squarespace cutting 19% with at least 16 weeks' base pay plus benefits.
