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Do you still get full pay and benefits like a regular employee? It feels weird but employment is at will anyway
Mentor
What state/country are you in? Most states in the US are “at will” and have even more flexible language.
Is this company HQ’ed in Europe? Pretty common clause in Germany
This isn't all that uncommon in the US. Basically states they can get rid of you for any reason in the first 90 days. They don’t need to go through the usual documentation process of warnings, etc. I've seen it used, albeit rarely, when the new hire wasn't a good cultural fit with the organization.
Mentor
In most states, you can quit or be fired at any time without documentation for other prerequisite steps. Companies take those steps to CYA, not because they are legally required. 
I’ve had this for an F10 company as well. Quite common to be on a probationary period.
Coach
It's pretty typical. It's a way to let you go without paying out a severance. If you make it past 30 days, you are typically eligible for unemployment unless you did something drastic that caused them to fire you (no showing several times, sexual harassment, stealing money, etc)
Common in UK too
In the US, the first 90 days are always probationary. That's standard.
I’ve had a couple of contracts in Texas say this. My understanding of this is many places with this clause will do a 90-day performance review, and if you’re awful it’s just a really simple way to get rid of you. Otherwise, even with pretty average performance, this will never come up.
Sounds like a probationary period, which isn’t unusual but legally doesn’t make a difference since you’re an at-will employee.
You should turn it around on them.
“I will check/test you out for a few months, maybe 90 days, and if I don’t like it, I am out. I am also going to continue searching during this probationary period for a better offer.”
Jk, it’s standard language.
This is in Texas (US)
That’s aligned with my thinking. Makes no sense given I’m an at-will employee. That’s helpful.
Two of the six firms I've worked for in my career have had similar probationary periods, one was a small consulting shop and the other is my current industry firm, both in the US.
Mentor
Got the same thing, Canada at a big bank
This very common in Europe and other commonwealth countries.
Very standard to have a probationary period, in industry and government lots of places where it’s a full year
Standard at JPMC and many other financial institutions
Yes this is normal. Texas is an at-will state