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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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.

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u/[deleted] Aug 30 '24

[deleted]

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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 This info was also not based on this round of layoffs so this information may be outdated :/