Facebook Cuts Employee Benefit to Reduce Costs After Layoffs – Business Insider

The company formerly known as Facebook last month cut 13% of its workforce. It continues to find places to reduce annual expenses by millions of dollars. An employee benefit covering things like mental health needs is being cut by $1,000. Meta is taking a large chunk out of an employee benefit that covers things like mental health costs and work-life balance needs.The Life@ benefit funds things that help employees and their families reach “personal and well-being goals,” according to a description on its careers page. The company recently told employees the benefit will be cut next year to $2,000, versus $3,000 this year, two employees told Insider.A spokesperson for Meta said the Life@ benefit has been “adjusted” for 2023, adding that, in 2019, the benefit was only $750 per year. “It’s still a significant increase even with the reduction,” the spokesperson added.This is one of several benefits and perks Meta has taken away or pulled back on over the last few months as it reorganizes and looks to cut costs in the face of slowing revenue growth, higher interest rates and a possible recession. The company last month laid off 13% of its workforce and has canceled on-site laundry services, ended
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