Pfizer sends severance package details to staff

Pfizer, the US-headquartered pharmaceuticals entity, has sent details of its job severance financial package to staff at its facilities at Aurangabad, Maharashtra, and Irungattukottai, 40 km from Chennai.

Both facilities are being shut. Around 1,000 employees at Irungattukottai and another 700 in Aurangabad are expected to be affected.

A Pfizer spokesperson said, “An attractive financial scheme that is significantly higher than the legal requirements has been offered to Pfizer colleagues. We are not able to provide additional details at this point.”

According to details of the package offered, reviewed by this publication, 75 days of wages will be paid for every year of service with the company, with details on rounding off, subject to a minimum of six months’ pay. Also, notice pay, leave encashment, statutory bonus and gratuity. An ‘early bird’ incentive of ~7 lakh, with a group participation incentive, has also been offered.

The statutory benefits would be in addition. Beside, a compensation of 15 days’ wages for every completed year of service and some more will be offered, according to the document.

The company sent a communication to employees last Tuesday on the shutdown plan, on in January 8. Personal belongings, based on scheduled group appointments, may be taken from the work sites from Monday.