Meta Platforms, the parent company of Facebook, WhatsApp, and Instagram, announced the layoff of around 11,000 people, or 13% of its global workforce.
Mark Zuckerberg, the CEO of Meta, stated that they were taking extra efforts to make a smaller and more efficient organization by lowering discretionary spending and extending our hiring freeze through Q1.
Part of this cost cutting includes laying of thousands of staff across the world, also affecting Nigerians in diaspora and in Africa.
Zuckerberg sent an email to employees and also posted on its website details of compensation packages to employees.
This is the breakdown of what staff in the US with.
- Severance. We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap.
- PTO. We’ll pay for all remaining PTO time.
- RSU vesting. Everyone impacted will receive their November 15, 2022 vesting.
- Health insurance. We’ll cover the cost of healthcare for people and their families for six months.
- Career services. We’ll provide three months of career support with an external vendor, including early access to unpublished job leads.
What about those on Immigration visas? Meta can’t do much about that as you might have to leave the country when your visa expires. However, they will give you a specialist who can support you through the process.
- “Immigration support. I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need.”
What international staff will get: According to Meta, the international staff will also get a similar compensation to those in the US in accordance with local laws.
- “Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws.”
See more on Meta website
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