Airbnb will lay off 25 percent of its workforce due to COVID-19

Departing employees will get 14 weeks of pay, plus one other week for yearly they’ve labored at Airbnb, and can get a 12 months’s value of medical health insurance within the US. Worldwide staff will get well being protection by the top of 2020. Staff who’ve labored for lower than a 12 months should buy their vested share choices.

Airbnb has a level of cushioning. It scrambled to boost capital as soon as the pandemic hit, together with $2 billion in debt. All the identical, it’s straightforward to see why the corporate would reduce jobs to such a extreme diploma. Whereas lockdowns are starting to carry, it could possibly be a very long time till journey resumes in earnest, not to mention till sufficient travellers are snug that Airbnb sees pre-pandemic reserving ranges. The layoffs would possibly assist Airbnb survive till that time with out having to ask for more cash.

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