Layoff : Uber is taking severance from laid off folks.
One of my colleague who got his final settlement, is mentioning that Uber is taking back full Sign-on bonus & relocation bonus because of which settlement statement is showing negative value. This means Uber is asking return of money even after adjusting remaining dues. By the way this is happening in India where tax is not refunded when you return Sign-on/relocation bonus. It is forefeited. This means my colleague will be forefeiting 34.2% tax on these components. Severance offered : 4 weeks only. Is Dara competing with Elon? TC: 0
How long your colleague have been working at Uber?
The bonus return thing doesn't work like that OP, the amount you paid for the bonus when asked back, is reduced from your taxable income. I had the sameish case( resigned ), the amount I paid was reduced and thus the total tax for the year was reduced and I ended up getting a rebate. When he files on april, ask them to tell their CA to factor this amount in.
It is subjective and differs from company to company if they are willing to do this adjustment in form 16. Uber is not doing this. As per tax laws in India, tax is forefeited in such cases.
Not really the total taxable income is objective. Even if Uber doesn't do this, either they will show in final ITCS or else your CA will do it while filing but either way it WILL get deducted from income as that is a reduction on income from employers side and that affects total tax.
Uber had layoffs? I got a message from recruiter for hiring.
Beware, hiring is being done to shield tenured folks from next round of firing. New hires will 100% become cannon fodder.
Also firing has been kept silent by doing random PIP's. 10% will be let go by end of March 2023.