Home » US business news • US Employment News » Meta axes employee benefits to cut costs after massive layoffs
https://www.whatjobs.com/news/usa/us-business-news/meta-axes-employee-benefits-to-cut-costs-after-massive-layoffs
There's more gloom for Meta's remaining staff as the company has now moved to significantly reduce their benefits.
The Facebook owner is in the process of shedding 11,000 staff and has now announced new measures for those who remain.
The perks known as Life@ benefit help workers and their families achieve "personal and well-being goals.”
Sources said the move will pull back those covered as mental health and work-life balance needs.
READ MORE: META COULD PULL NEWS CONTENT IF A NEW BILL PASSES
Meta informed staff that their perks would be axed to $2,000 next year, down from $3,000 this year.
A company spokesperson said it "adjusted" the Life@benefit for 2023, noting it was just $750 per year in 2019.
The spokesperson said: "It's still a significant increase even with the reduction.”
Over the last few months, the tech giant has canceled several benefits.
READ MORE: ELON MUSK CUTS TWITTER STAFF’S PERKS AND REDUCES EXPENSES AS HE CONTINUES COST-CUTTING
Meta is trying to save money amid rising interest rates, a slowdown in revenue, and fears of recession.
It had laid off 11,000 jobs last month and took away laundry services, scrapped Lyft subsidy, and rolled back free meals.
More staff cuts are expected next month after completing rigorous performance reviews.
The current $1,000 cost-cutting will help Meta save nearly $76 million a year.
Need Career Advice? Get employment skills advice at all levels of your career
After the November job cuts, the California-based behemoth now has around 76,000 employees.
It joins other companies like Twitter, which has implemented stringent working conditions following wider company-wide job cuts.
New Twitter boss Elon Musk has also sparked controversy for allegedly transforming office space into sleeping quarters.
The billionaire has also cut perks related to "wellness" and "productivity" as well as those associated with group or team activities and learning opportunities.
Source: Insider
Follow us on YouTube, Twitter, LinkedIn, and Facebook
