- Meta announced it is laying off 11,000 employees, or 13% of its workforce.
- Mark Zuckerberg's memo included details of the severance package offered to US staff.
- They will receive around four months of base pay, as well as continued healthcare coverage for six months.
Meta's announcement that it is laying off 11,000 employees – or 13% of its workforce – included details of the severance package being offered to US staff.
Laid-off employees will get 16 weeks of base pay, plus two weeks for each year of service, meaning someone with five years service at Meta will receive around six months worth of pay, while those with just a year's service will get in excess of four months of pay.
Zuckerberg said that there is no cap on extra pay per year of service.
Meta's severance pay is substantially more generous than packages offered to staff after recent layoffs at firms like Twitter and Lyft. Elon Musk's Twitter offered employees three months of severance pay, while Lyft staffers were given 10 weeks pay.
Alongside severance pay, Meta also said that laid-off staff will be paid for all remaining time off they have accrued.
Meta said it also has dedicated resources for anyone laid off who is on a company-sponsored visa.
"I know this is especially difficult if you're here on a visa," Zuckerberg said.
"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," the memo added, noting that the company has "dedicated immigration specialists" to help guide those laid-off.
Meta also said it will continue its health insurance program for six months, covering the cost for laid-off staff and their families. The company said it will also provide career support for three months, including "early access to unpublished job leads."
Those impacted will also still receive restricted stock units that are due to vest on November 15, meaning laid-off employees will be able to cash in those shares, despite being laid-off.
Meta didn't provide specific details for non-US employees, but said that the support offered would be "similar," and that the company would "follow up soon with separate processes that take into account local employment laws."
Elsewhere in the memo, the Meta CEO took responsibility for layoffs and apologized to staff for over-investing, saying: "I got this wrong."
You can read Zuckerberg's full memo to staff here.