Meta’s executive officers could earn a bonus of 200% of their base salary under the company’s new executive bonus plan, up from the 75% they earned previously.

A committee of Meta’s board of directors approved the adjustment on February 13 after determining that executive compensation was “at or below the 15th percentile” compared to similar roles at peer companies.

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.