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Job cuts at Bayer: This is how high the severance payments are

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Job cuts at Bayer: This is how high the severance payments are

The severance payments from the Bavarian pharmaceutical group are comparatively high, according to the “Handelsblatt”. picture alliance / Panama Pictures | Christoph Hardt

Bayer wants to cut jobs quickly and is therefore offering high severance payments, reports the “Handelsblatt”.

Up to the age of 56, employees should receive 1.2 times their gross monthly salary, multiplied by their years of service.

If an employee accepts the offer within six months, they will receive 1.5 times their monthly salary. The more time passes, the lower the offer will be.

The pharmaceutical company Bayer wants to get out of the crisis by cutting jobs. Now report that „Handelsblatt“How high the employee’s severance pay should be. At most, employees could expect a severance payment of 52.5 months’ salary

Up to the age of 56, employees should receive 1.2 times their gross monthly salary, multiplied by their years of service. Anyone who has ten years of service and earns 7,000 euros a month will receive a severance payment of 84,000 euros. There are also social supplements for employees who are married and have children.

The company offers early retirement to employees aged 57 and over whose jobs are lost.

The offers should be accepted quickly

Bayer offers a sprinter bonus. Such bonuses to accelerate job cuts are now commonplace in austerity programs. If an employee accepts the offer within six months, they will receive 1.5 times their monthly salary. A minimum of eight and a maximum of 35 years of service would be taken into account.

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The more time passes, the lower the severance offer will be. If an employee needs more than half a year, the factor drops to 1.2. In the second year it drops to 0.8. The factors 1.2 and 1.5 are comparatively high. Severance payments based on half to a full month’s salary per year of service are normal.

It is unclear how many jobs will be lost. In corporate circles it is expected that there could be several thousand worldwide, so that „Handelsblatt“.

jm

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