After layoffs, Amazon to slash stock awards for remaining employees

A pall of gloom has descended over the global tech sector with lakhs laid off and those with a job left anxious about further job cuts. Citing cost cutting measures, Amazon has so far fired the largest amount of people after initiating a second round of layoffs.

But those who managed to keep their job with the e-commerce giant, may have to make do with lesser stock awards in the face of adverse economic conditions.

Cutting perks to save costs

The restricted stock units, which are a part of Amazon's compensation package, will be cut down by a small amount, after the firm tried selling empty office spaces among other measures to reduce costs.

The firm has also called its employees back to office, and even highlighted the benefits of working on site in a communication this year.

Apart from layoffs, Amazon has also announced a hiring freeze and has denied claims that it has affected sustainability work at AWS.

Struggling with layoffs

For the October to December quarter of 2022, Amazon's e-commerce sales were down 2 per cent, even though its overall revenue surged by 9 per cent.

On the other hand, Amazon and Google are finding it difficult to lay off people in Europe, due to French and German labour laws.

Employees at Google's London and Zurich offices have also staged walkouts in protest against layoffs.