Time Inc. staffers — who have seen dozens of colleagues pink-slipped in a series of recent downsizings — are up in arms over the hefty compensation package being doled out to exiting CEO Joe Ripp.

Ripp, who had a five-year deal but is leaving after only three, will collect on his base salary through the contract’s expiration in 2018, according to an SEC filing.

He will also collect a bonus of not less than $1,420,000 annually.

Ripp’s total compensation, including stock options, is $5.7 million.

“My options are under water,” snorted one angry veteran staffer. “Why are these guys getting cash while I am getting stock options.”