epic games lays off workers; who all are at risk
Epic Games, an American video game and software developer company, has announced a fresh round of layoffs because of the excessive expenditure of the company.
In a major cost-cutting measures, Epic Games Inc., the maker of the Fortnite video game, will lay off more than 800 employees. Many employees are also facing risk of layoffs.
Epic Games CEO Tim Sweeney confirmed the recent layoffs in an open letter. The Chief Executive Officer said, “For a while now, we have been spending way more money than we earn.”
Who all are at risk?
Epic Games laid off nearly 16 per cent of employees. The company laid off nearly 840 employees. The company took the final decision in order to improve the financial status of Epic Games.
Many workers are at risk because the company is adopting various cost reduction measures. The company has also stopped hiring in order to curtail expenditures.
Epic Games layoffs
While laying off employees, Epic Games CEO said, “We are laying off around 16% of Epic employees. We’re spinning off most of SuperAwesome. Epic folks around the world have been making ongoing efforts to reduce costs. We concluded that layoffs are the only way to stabilize our finances.”
Will laid off employees receive severance packages?
Epic Games will offer severance pay to laid off employees. The severance package will cover 6 months of base pay and continued healthcare benefits.
Epic Games will offer support to laid off employees. The company will not delay their salaries and maintain its commitment to Fortnite first-party development.
The overall number of tech layoffs have increased in recent years. Tech layoffs witnessed a dip in recent months. However, the layoffs saw a boost in recent weeks.
Earlier this year, tech companies based in the United States laid off more than 12,000 workers. Major tech companies laid off more than 28,000 workers within a few days into the start of this year.