Oracle cuts hundreds of jobs, rescinds job offers in its health unit: Report

Software giant Oracle has made significant workforce reductions, revoking job offers and scaling back on open positions in its health unit, according to sources cited by Insider. This move comes as part of a broader trend of cost-cutting measures being implemented by companies across corporate America in response to mounting inflation and increasing interest rates.

Oracle's health unit encompasses Cerner, a prominent provider of electronic medical records. Oracle made headlines in December of the previous year with its record-breaking acquisition of Cerner for a staggering $28.3 billion. 

However, challenges arising from Cerner's collaboration with the US Department of Veterans Affairs played a substantial role in the recent layoffs, as Cerner was tasked with replacing the department's internally developed medical records system with its own cutting-edge technology.

In terms of compensation for the affected employees, the report reveals that they will receive severance packages equivalent to four weeks of pay, with an additional week added for each year of service. Additionally, they will receive a payout for any accrued vacation days.

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