Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Meta, the US-based parent company of Facebook, Instagram and Whatsapp, among other products and services, has announced it is laying off 11,000 employees and decreasing its global workforce by 13%. 350 of these 11,000 redundancies are expected to be in Ireland, though the final number of redundancies cannot be confirmed until the collective consultation process is completed.
The company’s Chief Executive, Mark Zuckerberg, has confirmed the decision for the redundancies as part of a broader global cost-cutting initiative in response to macroeconomic downturn, increased competition and ads signal losses, which have brought the tech giant lower revenues than expected.
In the announcement, laid off employees have been promised as severence 16 weeks of base pay, with two additional weeks for every year of service, as well as healthcare coverage for six months.
Eurofound (2022), Meta, Internal restructuring in World, factsheet number 107698, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107698.