As per recent reports, Meta has laid off workers, and now it is planning to cut benefits that cover mental health costs as well as “work-life balance needs.” As per a statement by a Business Insider, the tech giant is cutting its “Life@ benefit” funds from $3,000 to $2,000 in the coming year.
A Meta spokesperson allegedly verified the move to the publication and said that the company is adopting these measures due to bad macroeconomic circumstances. In the previous month, Meta also fired 13 percent of its employees in order to cut operating costs.
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The Meta spokesperson further added that the funds for workers’ prosperity are still more important than the budget back in 2019, even with the diminution. The spokesperson also said,
“It’s still a significant increase even with the reduction.”
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Furthermore, the report states that a diminution of $1,000 per worker is going to save Meta as much as $76 million in a single year. Reports further suggested that the Life@ benefit is one of the several benefits Meta has ripped out over a previous couple of months to restructure the tech giant to cut spending.
The tech giant has allegedly canceled on-site laundry services and removed a Lyft subsidy, together with a reduction on free food. Meta fired 13 percent of its employees all over the world, which is 11,000 workers. Following the redundancies, the company hires approximately 76,000 employees.
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Like a lot of other technology companies, Meta experienced swift growth during the peak of the coronavirus pandemic. This expansion further resulted in the tech giant appealing in a spending frenzy. Nevertheless, owing to the Ukraine-Russia war and increasing inflation, the tech giant has encountered challenges and stopped hiring for the rest of the year.
