Riot Games, the developer of League of Legends, announced that it will lay off 530 people, accounting for about 11% of its total employees.

According to this site’s news on January 23, Riot Games, a game developer owned by Tencent, issued a press release today stating that it plans to lay off 530 people, accounting for approximately 11% of its total employees.

Riot stated that it will provide laid-off employees with at least 6 months of salary compensation (old employees will receive additional compensation), and provide a cash reward equivalent to 100% of each person's 2023 annual performance bonus (APB) target (Even for new employees). In addition, other benefits include:

• In areas where Riot provides medical insurance, departing employees can continue to enjoy the medical insurance provided by the company until their last day. In addition, Riot will provide additional subsidies to cover their health benefits, including medical, dental and vision insurance. The amount of the subsidy will be calculated based on the length of the severance package and rounded up to the nearest whole month. In this way, resigned employees can continue to enjoy health benefits for a period of time after leaving the company.

• Resigned employees may have some planned expenses in the future, such as game funds, health funds, etc. To this end, Riot will provide an additional $1,000 (or local currency equivalent) to cover these and other expenses.

• Riot employees who have received single-vested RSUs may retain those shares, and other employees who have received vesting benefits (such as stock options or cash-settled SARs in some jurisdictions) may also The same terms apply. If there is a buyback opportunity in the future, Riot will allow former employees to participate. At the same time, Riot employees who hold dual-grant equity will have the right to legally exercise their equity within the next 12 months after meeting service requirements at the time of exit, provided that a qualifying liquidity event occurs.

• Resigned employees who do not have a home computer can apply for a laptop from the IT department. At the same time, they can keep their existing peripherals such as headsets, mice, and keyboards.

• Resigned employees receive 6 months of career support services, including career guidance, network development, resume modification, etc., to help them find new jobs quickly.

• Riot Corporation offers a Retired Employee Assistance Program that allows departing employees to continue to have access to the Riot Employee Assistance Program (RAP) for three months after leaving the company and to seek assistance from Resolve emotional, legal, and financial issues with help from Riot Games-related counselors. In addition, Riot will work with its local human resources business partners to provide additional assistance programs, including mental health benefits, to employees in different regions around the world. The content of specific plans will be determined based on local conditions.

• For employees holding work visas, Riot Games will provide visa support, including helping departing employees transition to non-work visas. This will be handled by Riot’s global mobility team and external immigration consultants.

• Riot’s email stated that Riot will continue to provide limited-time access to affected employees. This is done to ensure that departing employees have sufficient time to review and cancel personal information or accounts tied to Riot email addresses. Specific times will vary depending on the region.

## Riot said its headcount has more than doubled over the past few years, so the company will prioritize League of Legends, Valorant, Teamfight Tactics, and League of Legends Mobile, reducing the size of the Legends of Runeterra team (because the game didn’t perform as expected), and working on Development of Riot Forge games was stopped after Bandle Tale: A League of Legends Story.

This site noticed that Riot Games also announced that its Project L has made great progress. Season 2 of "League of Legends: Battle of Two Cities" is expected to be broadcast in November 2024, so stay tuned.

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