New reports say that Microsoft is cutting 11,000 jobs – and it could be as soon as today.

The 11,000 jobs account for about 5% of the tech giant’s workforce. This new layoffs come just months after they already cut 1% of their workforce last year.

Last week, Microsoft announced a new unlimited vacation time policy. Employees who have unused time will receive a one-time payout in April.

New hires and other employees no longer have to wait to accrue vacation time – they can take as much as they want without accounting for where they go.

But that’s assuming they make it through this round of layoffs.