Block's latest severance: 90 days pay, $5,000 and three months health cover

Block cuts staff again

Block told some US workers on Wednesday their roles were being eliminated. This is the company's second round of layoffs this year. The exact scale of the cuts was not immediately clear.

The severance offer

Laid-off US employees get at least seven weeks of base pay, plus an additional week for every year at Block.

Cash and health benefits

Affected workers receive a one-time five thousand dollar payment for transition assistance. They also get three months of COBRA premium coverage for themselves and enrolled dependents.

Different from February

In February, Block cut more than forty percent of its workforce and offered twenty weeks of salary plus an additional week for each year at the company.

Why the cuts now

Unlike February's layoffs, which CEO Jack Dorsey said were due to AI advances, the newest cuts did not mention AI.

“using better tools to handle routine tasks”

Cuts come after strong results

The layoffs follow Block posting better-than-expected third-quarter profits amid growth at Square, its seller-services business, and Cash App, its consumer financial services app.