The past few weeks have been hard for tech workers in Israel: Axonius, Tastewise, Bria and others announced cuts. Anyone who got a hearing summons or a layoff notice is usually in shock, and exactly then is asked to sign documents. Here is a list of what to check. This is general information, not legal advice, and when in doubt it is worth consulting an employment lawyer.
1. The hearing
Before a dismissal, the employer must hold a hearing: tell you the reasons in advance, give you time to prepare and let you respond. The hearing is not a ceremony. You can bring written comments, ask for another role in the company or negotiate exit terms. You may also bring someone with you.
2. Notice and severance
Someone who worked more than a year is generally entitled to a month's notice, or pay in lieu, and to severance pay of one monthly salary for each year worked. Check what your contract and pension fund say, and if the employer offers an additional 'package,' ask for it in writing before you sign a waiver.
3. Options and shares
This is where tech workers lose the most money. Check how many options have vested by your last day, and how long you have to exercise them after leaving: at many companies the window is short, sometimes only 90 days. If exercising is expensive, try to ask for a longer window as part of the exit terms. And at a private company, remember that an unexercised option may expire.
4. Vacation days, recuperation pay and bonuses
Unused vacation days should be paid out on the last payslip, along with prorated recuperation pay. If there is an annual bonus or grant owed under the contract, check whether you are entitled to a prorated share.
5. Unemployment benefits
Those who worked long enough before the layoff are generally entitled to unemployment benefits from the National Insurance Institute. Register with the employment service on the first working day after your job ends, because late registration may delay payment. Even those who received large severance may still be eligible.
6. Don't sign under pressure
Employers sometimes ask you to sign a 'waiver' or 'separation agreement' the same day. You do not have to sign immediately. You may take the document home, read it calmly and get advice. In most cases, a day or two of thought is worth far more than the pressure of the moment.
