Meta Layoffs: Facebook parent company costs more than Rs 8,000 crore to fire 21,000 employees

Facebook’s parent company Meta has been firing employees left and right in an attempt to save cost, however, the rounds of layoffs also comes at a big cost. In its SEC filing for its Quarter 2023 Results, Meta has revealed the details about how much its has cost them to fire employees in terms of compensation package for taking away their jobs.

Meta reported that it expects to incur a total pre-tax severance and related personnel costs of around $1 billion, which is estimated to be around Rs 8,000 crore when converted into Indian rupees. The organisation has revealed that it has already spent millions of dollars as a part of its restructuring costs, which includes severance pays and other benefits promised to the affected employees.

The SEC filings have also shown that Meta is benefitting from its layoff decision and other cost cutting measures, as it registered a revenue of $28.65 billion for Q1 FY 2023, which is 3 per cent higher year-over-year, and an increase of 6 per cent year-over-year on a constant currency basis.

The tech giant started layoff in November after several big tech companies fired thousands of employees in the same year. Around six months back, Meta has fired 11,000 employees and some more employees are to be fired this year.