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Facebook parent Meta Platforms Inc on Wednesday announced that it will let go of 13 per cent of its workforce, or more than 11,000 employees, as part of a plan to reduce costs at the social-media platform.

Meta took this decision as part of a plan to reduce costs following disappointing earnings, soaring costs, and a weak advertising market.

“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," said Chief Executive Officer Mark Zuckerberg in a statement.

In his statement, Meta said it would pay 16 weeks of base pay plus two additional weeks for every year of service as a part of the severance package and all remaining paid time off.

Employees will get cost of healthcare for six months and those impacted will receive their November 15 vesting, according to the company.

Here is the list of it:

- 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 We’ll provide three months of career support with an external vendor, including early access to unpublished job leads.

- 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.

 

The broad job cuts, the first in Meta's 18-year history, follow thousands of layoffs at other tech giants, including Elon Musk-owned Twitter and Microsoft Corp.

"Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that," Zuckerberg said.

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