In a letter to Meta employees, Meta's Chief Executive Officer (CEO) Mark Zuckerberg announced cutting the company's workforce by 11,000 (about 13% of the staff). "We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," the letter said. I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted. – Mark Zuckerberg to Meta employees Will the sacked employees get severance? The letter detailed the benefits that US employees of Meta will get: Severance: Sacked employees get 16 weeks of base pay plus two additional weeks for every year of service, with no cap. Paid Time Off (PTO): All remaining PTOs will be paid by Facebook. Restricted Stock Units (RSU) vesting: "Everyone impacted will receive their November 15, 2022 vesting." "RSU is a form of compensation for employees, where the employing company presents one or more of its stock to the person in question. The beneficiary is free to sell this stock whenever he/she wants if the same is not within its vesting period. Vesting period refers to a predetermined amount of time until when restricted share units can not be sold," according to Groww. Health insurance: Facebook will cover the cost of healthcare for people and their families for six months. Career services: Sacked employees get "three months of career support with an external vendor, including…
