Yahoo said in an SEC filing that it has beefed up severance packages for full-time employees--not to mention executives--in the event of layoffs.
Simply put, this move is designed to make Microsoft pay a bit more to lay off Yahoos.
In the filing, Yahoo said it has enhanced benefits for employees canned without cause and those that decide to leave for "good reason." Hmm. Think that good reason is Microsoft hostile takeover?
As for the benefits, here's the package (Techmeme):
- Continuation of the employee’s annual base salary, as severance pay, over a designated number of months following the employee’s severance date. The number of months will range from four months to 24 months, depending on the employee’s job level.
- Reimbursement for outplacement services for 24 months following the employee’s severance date, subject to a maximum reimbursement that ranges from $3,000 to $15,000, depending on the employee’s job level.
- Continued medical group health and dental plan coverage for the period the employee receives severance pay.
- Accelerated vesting of all stock options, restricted stock units and any other equity-based awards previously granted or assumed by the Company and outstanding as of the severance date, unless otherwise set forth in the applicable award agreement for grants or awards made after February 12, 2008.
Not too shabby. But you can do that when someone else (Microsoft) is picking up the tab.