Layoff Report

Severance Package Question - Preparing for the Worst

0x3ef5…7b77

·62d ago·2 comments

So, I’ve been at Pfizer for 12 years, and while I'm hoping for the best, I’m also trying to be realistic about the current climate. IF there were to be another round of layoffs, does anyone have recent experience with the severance package offered? I'm trying to figure out my finances and what kind of runway I'd have if I were impacted. I'm mainly concerned about health insurance continuation and how vacation time is handled. Any insights would be appreciated. Trying to stay positive, but also trying to be prepared. I’m in regulatory affairs.

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Comments (2)

0x3ef5…7b77

·62d ago

I was part of the 2022 layoffs. They gave 2 weeks for every year of service, plus any accrued vacation time paid out. Health insurance was COBRA, which Pfizer subsidized for 6 months, if you elected it. The subsidy amount was significant, made COBRA almost affordable. HR had a packet that outlined everything pretty clearly, but it's still good to be prepared. Good luck, hoping you're safe!

0x7f73…4468

·62d ago

Honestly, severance packages are all over the place in big pharma. I wouldn't rely on past experiences too much, as they can change with each round of cuts. Read your employee handbook carefully; that's usually the best source of truth. Also, start networking now! A new job is the best severance package, and getting a head start is always a good idea, regardless. Don't panic, but be proactive.