Facebook’s parent company Meta is trying to cut costs. Therefore, the company has decided to lay off more than 11,000 employees. However, the employees who lost their jobs will not remain empty handed as they will be given various benefits.
These 5 figures increased the pressure on Zuckerberg
American social media company Meta has decided to lay off more than 11,000 employees. Facebook-owned company to be affected by layoffs employees Has announced to give severance to. This means that the company will provide some benefits to the employees who lose their jobs from Meta. Let us tell you that the company has decided to reduce its workforce by 13 percent to reduce costs. Under this, there will be the biggest layoff in Meta so far. Let us see what benefits the company will give to those who lose their jobs.
After Twitter, Meta is the second largest social media company where large-scale layoffs are happening. Meta CEO Mark Zuckerberg says this is a difficult time for employees. We have given a notice period and some visa grace period before terminating the job, so that all the employees can plan ahead according to their immigration status. According to Zuckerberg, immigration specialists will be available to help employees and their families.
Those who lost their jobs will get these benefits
- Severance: Employees who lose their jobs will get basic salary for 16 weeks i.e. 4 months and two weeks’ pay for each year of service.
- PTO: All outstanding Paid Time Off (PTO) will be paid to the employees.
- RSU Vesting: The affected employees will get their Restricted Share Unit (RSU) vesting by 15 November 2022. This is a kind of share profit on the part of the company.
- Health Insurance: Employees and their families will get health cover for 6 months.
- Career Services: Meta will provide career support for 3 months with an external vendor. The company will also increase the access of employees to unpublished jobs.
- Immigration Support: Foreign employees will be given notice period and visa grace period before termination. Immigration specialist will be present for the employee and his family.
Meta loses investor confidence
In June itself, the American social media company canceled its plan to hire engineers. Behind this too, the poor economic reason of Meta is being told. Meta shareholder Altimeter Capital Management also wrote an open letter to the company’s CEO Mark Zuckerberg, in which layoffs were talked about. It has been told that the company has lost the confidence of the investors.