New Delhi: Facebook’s parent company Meta is said to be have retrenched at least 11,000 employees from its global workforce. The lay-offs have apparently been prompted by its dipping revenues and company’s strategy to cut costs.
Reports said that Meta Founder and CEO Mark Zuckerberg wrote a letter to its employees informing about the lay-offs. The company has also put a freeze on fresh hiring till 1st quarter of 2023. With about 11,000 employees being fired from Meta, this will amount to 13% of its global workforce.
The company has a total of about 87,000 employees, as per September records.
Meta, the parent company of Facebook as well as Instagram has a total of about 87,000 employees, as per September records.
“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13 per cent and let more than 11,000 of our talented employees go,” portals quoted Zuckerberg as writing in mail to employees.
In the mail, CEO Zuckerberg admitted that the decision of lay-offs was a difficult decision to make.
How much severance pay for fired staff
As per company’s policy, those employees fired from Meta will get a severance package of 14 weeks i.e. 4 months basic pay.
The company will also pay for remaining paid time off.
Meta’s revenue slump has sent alarm bells ringing for investors and they are being wary of further investment. Company’s operating income dropped 46% but the costs have jumped by 19%.
