Meta is set to layoff 11,000 this week
It’s been a tough few months for the tech industry, with companies announcing layoffs left and right. Today, Facebook’s parent company, Meta confirmed that it is laying off 13% of its workforce – a total of 11,000 employees.
This news comes as a bit of a shock, as Facebook has been one of the few tech companies to weather the Covid-19 pandemic relatively unscathed. However, with ad revenue taking a hit and users spending less time on the platform, it seems that even Facebook is feeling the squeeze.
For those impacted by the layoffs, this is obviously a difficult time. But Zuckerberg has said that the company will be providing “generous exit packages” and working to help employees find new jobs.
With a global headcount of 87,000, 11,000 Meta employees will be terminated. U.S.-based workers will receive 16 weeks of pay along with two additional weeks for each year they worked at Meta. So someone who was employed at Meta for four years would get six months’ worth of salary in the total severance payment.
In addition to their regular pay, Meta stated that workers will be paid for all remaining unused time off and receive stock-based compensation that was vesting through November 15. Furthermore, health insurance for employees and their families will be offered for six months.
If you’re one of the 11,000 people who have been affected by these layoffs, our thoughts are with you. We hope that you’re able to land on your feet quickly and easily.