Following a recent cost evaluation, the company decided that “less than 10 per cent of the region’s tech team is no longer required”.
“In line with the group’s direction, our tech department has been actively implementing cost-control measures, including infrastructural reorganisation and outsourcing.” The spokesperson said the affected employees received a reasonable severance package: As part of the package, affected staff are given one month of severance pay per full year of employment. They are also provided with job placement support.
For those with unvested share options, their deadline for exercising vested options extended from 30 days to a year.
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