Kuaishou Technology, which runs China’s second most popular short-video app, behind ByteDance’s Douyin, has announced that it is laying off almost a third of staff in some departments, becoming yet another tech company forced to fire staff as the sector struggles under the recent regulatory crackdown, reports Caixin. The Tencent-backed company is laying off between 10 and 30% of its workforce in departments involving its app’s operations, commercialization, e-commerce, internationalization and gaming.
Kuaishou had a total workforce of more than 21,000 people at the end of 2020, nearly 71% of whom were aged below 30, according to data provided by the company.
Several of the company’s employees told Caixin that sacked employees have been told they will be offered compensation based on the number of years they have served, plus one month’s salary, in line with industry standards.
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