Paypal layoffs 9% workforce
In a strategic move, PayPal announced on Tuesday, January 30, its decision to reduce its workforce by approximately 9%, aligning with a trend seen across various tech giants like Amazon and eBay in the first month of the new year.
CEO Alex Chriss emphasized the necessity to drive innovation through new technology, citing the imperative to enhance focus, efficiency, and technology consolidation across the organization. The recent wave of layoffs extends to other industry leaders, with eBay letting go of 1,000 employees and Google CEO Sundar Pichai cautioning about potential future layoffs.
Amazon, including its subsidiary Twitch, and language-learning platform Duolingo have also initiated significant workforce reductions. As of Tuesday afternoon, a staggering 98 tech companies have collectively laid off over 25,000 employees in 2024, according to Layoffs.fyi. This follows a trend from the previous year, which witnessed 262,595 layoffs across more than 1,100 companies, as reported by the database.
Severance Entitlement for Paypal’s Employees
In the Canadian context, non-unionized employees and executives at Paypal possess the entitlement to receive comprehensive severance pay in situations of job loss arising from downsizing or corporate restructuring. The quantum of severance pay is contingent upon several factors and has the potential to reach up to 24 months’ worth of compensation.
At Whitten & Lublin, we recognize the challenges associated with job loss or termination, and our seasoned employment lawyers are available to assist in navigating legal options. Our goal is to ensure individuals receive the compensation they are entitled to. We encourage anyone affected by recent layoffs in Canada to reach out for a consultation, either online or by phone at (416) 640 -2667, to discuss their situation today.