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Zoom layoffs 1,300 employees, CEO to take salary cut of 98%

According to an official blog, Zoom, a communications technology company, would be asking about 15% of its employees to leave. Particularly during the pandemic when the majority of businesses required their employees to work from home, the video communications company had gained widespread popularity as a conference tool.

In order to meet the growing demand for the video-conferencing tool at the time, Zoom had also hired a large number of personnel. Zoom had a slowdown in growth as a result of the post-pandemic decline in demand for video services.

The Company was forced to take what Eric Yuan, CEO of Zoom, refers to as a “difficult measure” as a result. The affected employees will receive 16 weeks of pay as severance, a year of healthcare coverage, and a bonus when they are let go.

Zoom is currently working to reduce expenses and get ready for the impending recession. In addition to giving up his corporate bonus for 2023, Yuan is taking a 98% pay cut for this year.

In the post, Yuan states that other executive leaders will also be forgoing their corporate bonus for 2023 and taking a 20% pay cut to their basic salaries.

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