This is the severance package Rivian is offering to more than 600 employees who were laid off

"Rivian, the California-based EV automaker, is putting its employees who were affected by the company's most recent round of layoffs on paid administrative leave for the next 60 days, according to documents obtained by Business Insider. CEO RJ Scaringe told employees in an internal memo sent October 23 that the company was cutting around 4.5% of its workforce - more than 600 employees - citing "the need to profitably scale our business" and to prepare for Rivian's R2 SUV launch next year."

"For "RIV Grades 8-9," employees will receive seven weeks of pay, plus four weeks' pay for each year of service, which totals to 22 weeks of pay, the documents said. The Rivian employee said level 8 employees include roles such as principal engineer or director, while level 9 includes senior directors. Grades 10 to 11, which include vice president roles, according to"

Rivian cut roughly 4.5% of its workforce, affecting more than 600 employees. Affected employees remain on payroll for 60 days and receive full pay and benefits through December 23. Pay received during the administrative leave period (about 8.5 weeks) will be deducted from final severance payments. Severance amounts depend on RIV Grade Level (1–11) and tenure. RIV Grades 1–4 can receive up to 10 weeks of pay including the administrative leave portion. RIV Grades 8–9 receive seven weeks plus four weeks per year of service, totaling 22 weeks. Grades 10–11 include vice president roles.

Read at Business Insider