Meta has approved a significant increase in executive bonuses, allowing its top officers to earn up to 200 per cent of their base salaries, a substantial jump from the previous 75 per cent, according to a corporate filing on Thursday,

Meta approved a plan to increase bonuses for company executives to up to 200% of their base pay amid layoffs targeting about 4,000 employees.

Meta executives are set to receive significantly larger bonuses this year, even as the company implements layoffs affecting 5% of its workforce. According to a corporate filing on Thursday, Meta’s board approved an increase in the target bonus percentage for its executive compensation plan.