The updated bonus plan does not apply to CEO Mark Zuckerberg, Meta stated in the filing. A committee for Meta’s board of directors approved the hike in bonuses after determining that the \”target total cash compensation\” for its executives \”was at or below the 15th percentile\” at rival companies. The disclosure comes a week after Meta began to lay off 5 percent of its global workforce or around 3,600 employees for “low performance” and has led to angry reactions on social media. \”Execs always think they are deserving of more money, regardless of their performance,\” X user @FishwrapGazette wrote. Meanwhile, former Meta employees have called it the \”cruelest\” tech company, claiming that the layoff was \”more about money than performance’ and that they are being laid off on factors other than poor performance, such as taking leaves. \”It’s worth noting that the new bonus plan is intended to bring Meta’s executive compensation more in line with industry standards. However, the timing of the announcement has raised eyebrows, given the significant job cuts happening within the company,\” commented @fiyyaz877.
