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- Meta France Voluntary Exit Package | Employees Offered 80 Percent Salary
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Meta, the parent company of Facebook and Instagram, has started a voluntary exit plan for its employees. After Google and Microsoft, now Meta has also taken this step to shrink the workforce and reduce its expenses.
According to the report of French publication ‘La Lettre’, Meta has offered its employees working in France a huge severance package if they voluntarily leave the job. After laying off thousands of employees in recent months, the company is now giving select employees the option to resign of their own free will.
100 employees may be affected
Meta currently employs approximately 300 people in its France office. According to the report, this voluntary exit program may affect about one-third of the total workforce there. That means, about 100 employees of the company can leave their jobs under this scheme.
However, the number of affected employees has not been officially disclosed by Meta. Apart from this, it is also not clear yet which departments, teams or job roles are included in the scope of this voluntary exit.
What is Meta’s voluntary exit plan?
French media report states that this voluntary exit plan of Meta is slightly different from the plans of Google and Microsoft. For this, the company is taking the help of ‘Rupture Conventional Collective’ (RCC), a special provision of the French Labor Law.
Under this law, companies negotiate the terms of voluntary resignation with trade unions and employee representatives. Once the terms are agreed upon, employees can voluntarily apply for resignation. This rule is different from forced retrenchment. Interested employees must submit their applications by November 5.
Meta’s huge severance package
Meta is offering its employees one of the most attractive severance packages in the tech industry. Employees who choose to leave the job voluntarily will get 2.15 months’ salary for every 1 year of service spent in the company.
For example, if an employee has worked for META for 5 years, he will be given compensation equal to 10.75 months’ salary. Employees will be given 80% of their gross salary during this period.
Re-training facility with financial benefits
Meta is not only providing financial help to the employees but is also helping them in starting a new career. The company will also provide professional re-training to the resigning employees to learn new skills and guidance and support to start their new business. For this reason, this exit package of Meta is being considered as the most generous offer in the tech industry.
Google and Microsoft have also adopted the same path
Amidst the ongoing recession in the tech sector globally and increasing focus on AI, many big tech companies are cutting their expenses. Before Meta, companies like Google and Microsoft have also introduced voluntary re-location and exit plans for employees in European countries and America. Meta has also shown the way out to thousands of employees in several phases in the last two years.
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