Polygon Labs has, in an unexpected move, revealed its plan to reduce its workforce by laying off 60 employees - a figure representing 19% of the company’s total team. The announcement was made by the CEO of Polygon Labs, Marc Boiron, through a community post on February 1.
To cushion the blow of the staff cutback, Polygon Labs will provide two months of severance pay and continue health benefits until late February for those affected by the lay off.
On a brighter note, the company plans to hike the total salary of its remaining employees by a minimum of 15%, effective from January 1, 2024. Additionally, new hires will receive a pay increase of 5%.
Polygon Ventures, since the conclusion of 2023, has been operating independently from Polygon Labs under a new identity, P2 Ventures. Polygon ID team is also expected to operate independently of Polygon Labs in the near future.