Here's the severance package Block is offering laid-off US employees
Block employees laid off this week are getting 90 days of pay without working, plus severance and three months of healthcare coverage.
Block, the company founded by Jack Dorsey, has announced another round of layoffs, this time affecting its US employees. The latest severance package being offered to laid-off workers includes up to 90 days of pay, plus at least seven weeks of severance. For those who sign and adhere to a separation agreement, Block will provide a one-time payment of $5,000.
Employees in the US who were affected by the latest cuts will receive a minimum of 60 days of pay, along with severance, which can be extended by an additional week for each year they worked at Block. The company distributed a 20-page FAQ document to clarify the terms of the severance package to employees. This latest round of cuts does not mention AI as a reason, unlike the previous layoffs, instead emphasizing the use of better tools and refocusing teams' efforts on complex cases and decisions.
The company had previously stated that the layoffs were due to advances in AI, but the latest round does not mention this reason. In comparison to the February round of layoffs, where employees received 20 weeks of salary plus an additional week for each year at the company, the current package appears to offer roughly equivalent benefits.
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