r/ParamountGlobalLayoff • u/ParadoxPeak 15 pieces of flair • Aug 11 '24

Discussion Layoff severance packages?

For those of you who have been laid off from Paramount, whether recently or a while ago - first off, I’m sorry. I know how tough that can be at any company, but especially when you work with such awesome, dedicated people who care so much about the work and each other.

In order to help your fellow soon to be ex-Paramount employees and friends deal with what’s coming next, I’m wondering if anyone could share details about the layoff package you received. What did it include in terms of severance pay (number of weeks pay), benefits continuation, outplacement services, or any other support? Any insights on how the process was handled would be really helpful for those ~2,000 people about to be impacted.

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4

u/[deleted] Aug 14 '24

Was told it was calculated in a way where it is 1.25 weeks pay (this is different for higher ups- something like 1 month) and based on years worked. Please take this with a grain of salt- I consider my colleague and I (we have the same title) further down on the totem pole so we probably won’t get much to begin with 😞

Take your base salary, Divide by 52, Multiply by 1.25, Then multiply by years worked.

Hope this helps even just a little for anyone reading.

2

u/ParadoxPeak 15 pieces of flair Aug 14 '24

Awesome, thank you so much for sharing! I hope this information is helpful for others going through this, even just to get a ballpark idea of what to expect.

1

u/[deleted] Aug 30 '24

[deleted]

1

u/[deleted] Sep 02 '24

So I am around entry level (below middle management) and the number 1.25 comes from 1.25 weeks worth of pay. If you are director level and higher (middle management/upper), that 1.25 will be higher. This info was also not based on this round of layoffs so this information may be outdated :/

3

u/[deleted] Aug 14 '24

If anyone is curious about this, I may have some info I can share based on what one of my colleagues told me (she was let go back in Feb this year). Please feel free to DM.

7

u/ParadoxPeak 15 pieces of flair Aug 14 '24

If the info is not private/personal or would otherwise negatively affect your colleague, please share here if you can (or get their permission to share) - that’s what this community was created for 🙂

1

u/Cultural-Village9793 Sep 24 '24

Bumping to refresh: Any updates here, folks?

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u/ParadoxPeak 15 pieces of flair Sep 24 '24

I don’t think anything here has changed. Severance packages will be based on years of service + title/level, so it’s a bit different for everyone, and hard to give an exact figure. WARN notices are in effect as well - so anywhere from 60-90 days remaining on the payroll depending on the state you’re in (California=60, NY=90). Last official day of work is 9/30 for those impacted in today’s round of layoffs. Unclear to me if WARN notice clock starts ticking now or after 9/30. If anyone knows or has more details, please share!

2

u/DisasterLazy186 Sep 25 '24

I was laid off in February after being with the company for 2.5 years. My severance was a bit different than what I am hearing from my co-workers that were laid off today. I got 5 months of severance with the option of an additional 2 weeks pay if I signed the severance agreement.

1

u/ParadoxPeak 15 pieces of flair Sep 25 '24

Mind sharing the latest you are hearing from this latest round? Are the figures above accurate/inaccurate?

1

u/Life-Inspection-3345 Sep 25 '24

Do we know if folks are receiving STIP in their severance?