Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff will impact about 500 people at the company, according to reports.”We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial
Tech industry
The tech industry is going through a rough time. The sector witnessed massive layoffs last year and it appears that the situation is going to remain the same, or maybe get worse in 2023. At the start of the year, Amazon CEO Andy Jassy announced laying off over 18000 employees globally. The layoffs at Amazon have already started and many Indians are impacted. After Amazon, social media platform ShareChat has announced cutting 20 per cent jobs.
The Google-backed social media firm SharChat announced layoffs at the firm on Monday. The company has officially confirmed the layoffs and said that “several external macro factors that impact the cost and availability of capital.” As per reports, ShareChat and its short video app Moj are expected to fire around 500 employees in the latest round of layoffs.
SharChat has announced severance pay
SharChat has announced severance pay for hundreds of impacted employees. The company said that the severance package will include the total salary for the notice period, 2 weeks pay for every year served at the company, full variable pay till December 2022, and health insurance cover, which will remain active until June 2023. In addition, impacted employees will be allowed to retain some of their work assets, including work laptops, Employee Stock Option Plans (ESOPs) till April 30, 2023, and unused leave balance of up to 45 days, which will be encashed as per current salary.
The company said that the severance package will include the total salary for the notice period, 2 weeks pay for every year served at the company, full variable pay till December 2022, and health insurance cover, which will remain active until June 2023. In addition, impacted employees will be allowed to retain some of their work assets, including work laptops, Employee Stock Option Plans (ESOPs) till April 30, 2023, and unused leave balance of up to 45 days, which will be encashed as per current salary.
