Meta to hike executive bonuses while cutting 3,600 jobs; eyes India expansion | Technology News
Meta is increasing bonuses for its executives this year, even as the tech giant plans to lay off 3,600 employees. In a corporate filing on February 20, the company revealed that it had approved “an increase in the target bonus percentage” for its annual bonus plan for executives.
This means that executive officers named by Meta could receive a bonus of 200 per cent of their base salary, as per the new plan. The target bonus percentage was previously 75 per cent, according to a report by CNBC. The new executive bonus plan is reportedly not applicable to Meta CEO Mark Zuckerberg. This development comes a week after Meta began terminating 5 per cent of its overall workforce.
The company had previously said that the layoffs would impact its lowest-performing staffers. However, Zuckerberg had also said that Meta plans to backfill the jobs axed in its latest round of layoffs.
In January, the company reported that its revenue for the fourth quarter of last year grew 21 per cent year over year (year-on-year) to $48.39 billion.
Meta to have new India campus, says report
Meta is reportedly establishing a new centre in Bengaluru for its Enterprise Engineering team tasked with developing tools for internal use, according to a report by TechCrunch.
The WhatsApp and Facebook parent company is also reportedly hiring for 41 positions in the city, most of which are related to software development and machine learning. Some of the vacant roles involve designing chips for data centres run by Meta.
Meta’s existing India offices are in Bengaluru, Hyderabad, Gurugram, New Delhi, and Mumbai.
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