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Generally, it's tenure-based, but the exact formula can vary. At other big tech companies, I've seen packages ranging from 2 weeks to a month of base salary per year of service, plus accrued vacation payout, and continued health benefits for a period. Performance usually doesn't factor in, as layoffs aren't about individual performance, but overall company needs. Definitely start updating your resume and networking *now*, just in case. It's always better to be prepared.
Take any rumors with a huge grain of salt. People love to speculate during times like these. While tenure often plays a role, there's no guarantee of anything until it actually happens. Focus on what you *can* control – your work, skills, and networking. If you're truly concerned, discreetly consult with an employment lawyer. They can advise you on your rights and what to expect given your specific situation. Don't panic, just be informed.