They are done working but will collect severance pay, typically scaled by years of service.

Oracle software engineering compensation for mid-level software engineers is in the $200-300K range. The top of their scale extends into the $400K to $1 million range.

From what I've seen, laid off employees will receive a minimum of 1 month of their compensation with 1 week of pay for every year worked, plus any remaining unused vacation time. So a mid-level employee who has worked their a few years and hasn't drawn their vacation balance to 0.0 could receive $30-50K or more beyond this date.