The airline, on its part, on Wednesday denied retrenchment plans.
The move would result in around 25-30 job cuts.
More than 1,35,000 job cuts have been announced by just about a dozen multi-national companies in past few months in their efforts to slash costs and those from the financial services space are among the worst hit.
More than 2,800 jobs will be axed as Tata Steel plans to close its blast furnaces at the Port Talbot plant in South Wales in the UK. Of the total job cuts, 2,500 will be in the next 18 months, said Indian conglomerate Tata. A further 300 jobs are to go in three years.
IBM employed a total of 434,246 persons globally at the end of 2012.
'Some buyers believe prices may correct in the future.' 'This is unlikely. Many developers are increasing prices amid strong sales and inflationary trends.'
'In India, the impact will be less than 1% of employee headcount.'
Governments seem to be a lot more wary of imposing a draconian lockdown this time. Some lessons seem to have been learned. So, it may be fair to assume that these lockdowns will do less harm. But they will hurt the recovery process, which is still incomplete, warns Mahesh Vyas.
Crisis-hit SpiceJet plans to hand out pink slips to at least 1,000 employees in the coming days as the airline works to significantly reduce costs and streamline operations of its depleted aircraft fleet, officials said on Monday. Faced with financial woes, legal battles and other headwinds, the no-frills carrier might ask more staff to leave as there is excess manpower now compared to the number of planes in service. A final decision on the quantum of layoffs is expected this week, one of the officials in the know said.
The latest cuts come after the company announced earlier this year that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. "Given the uncertain economy... and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount," Jassy said in a memo to staff.
'There is a behavioural shift and conservativeness with companies cutting down on manpower and rationalising the number of people.'
India's largest edtech firm Byju's will fire 1,000 employees in a fresh round of layoffs across departments. With the latest round, total job cuts at the company have mounted to around 3,500. According to sources, fresh job cuts are an attempt by the company to improve its finances and work towards a path to profitability.
The new definition under the Code of Wages, 2019, includes three components: basic pay, dearness allowance and retention payment.
With debt woes and a legal case in the US courts, educational technology (edtech) giant Byju's is expected to be laying off more employees, according to media reports. According to The Morning Context report, Byju's intends to lay off 1,000 employees. This number, however, could not be confirmed by Business Standard independently. A spokesperson for the company declined to comment on the reports.
The country's second largest two-wheeler manufacturer, Bajaj Auto, on Sunday said there was no case for any layoff in the company even though there has been a cut in production due to a slowdown in demand. According to the figures released by the Society of Indian Automobile Manufacturers, motorcycle sales in the country during October was down by 18.17 per cent at 5,38,353 units, against 6,57,874 units in the same month a year ago.
Around 6,967 tech employees lost their jobs in Bengaluru, the highest among Indian cities, partially because of its evolution in recent years as a start-up hub.
With economic problems and job cuts, Hangzhou locals and people in other parts of China are not very pleased about hosting the Asian Games.
How do you avoid being laid off? If you have been let go, what should you do next? Ask rediff Career Gurus to find out.
Facebook's parent company Meta announced on Tuesday it will fire another 10,000 people, implementing a second round of jobs cuts after it slashed 11,000 positions in November last year, to improve its financial performance in a "difficult environment". Meta founder Mark Zuckerberg said in a post that overall "we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet hired." The company has said that in its "Year of Efficiency", the company aims to make itself "a better technology company and to improve our financial performance in a difficult environment so we can execute our long-term vision."
The demand for white-collar gig roles saw an 11 per cent uptick year-on-year in March, amid muted hiring across industries due to global headwinds and job cuts, according to a recent report. The month saw white-collar hiring in India rise 2 per cent in terms of job posting activity compared to the same period the previous year, according to the report by staffing portal foundit.in (formerly Monster APAC and ME). Sectors such as retail, telecom, and Travel and Tourism saw the biggest growth in demand on an annual basis.
More people working in India's technology industry have lost their jobs in the first six months of 2023 than in the corresponding period in 2022.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Let's have a look at companies that have laid off most employees.
The company has been designated as the official telecom service provider for Commonwealth Games 2010, to be held in Delhi, and it has already received Rs 182 crore (Rs 1.82 billion) from the government for providing infrastructure.
With the financial crisis ebbing, the pace of vanishing employment has come down in recent months as against an average of a whopping 9,000 job losses daily in the beginning of this year.
Twitter has started laying off employees in India as part of a global job cut ordered by the social media platform's new owner Elon Musk to attain economies of scale and make the USD 44 billion acquisition viable.
Amidst fear of layoffs across many IT companies, Saurabh Govil, bottom left, head of Wipro's Human resources, explains who are the affected lot and why it is essential to re-skill for employees in this sector.
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Kotak Mahindra Bank chief Uday Kotak has assured that there will not be "any dramatic" reduction immediately in the number of employees following the merger of ING Vysya Bank.
The industry has requested the Reserve Bank of India for restructuring of loans, the chairman said. According to estimates, the sector has a loan burden of about Rs 1 lakh crore (Rs 1 trillion).
With the assembly polls only two years away, in 2026, any demoralising defeat in 2024, would challenge not only the party's continued relevance but also EPS's leadership, asserts N Sathiya Moorthy.
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
Charles Prince, chief executive officer, Citigroup has vehemently denied reports that the banking major is planning to shed thousands of jobs and focus outside North America for growth and termed it as 'press voyeurism'.
Saudi Arabia has decided to curb its reliance on foreign labourers and implement a slew of measures to tackle the problem of unemployment in the Kingdom.
The latest season of Bridgerton takes a bolder view at handling troubled relationships and marriages as it teases displeased viewers from the previous season with enough fodder to last until the next season, feels Divya Nair.
The first phase of integration is already over
While replying to a user on Twitter, Elon Musk said, "Thank you. A thermonuclear name & shame is exactly what will happen if this continues."
'Set aside around six months' monthly expenses for emergencies.' 'Keep this money in safe and liquid options, such as liquid funds and fixed deposits.'
Injury-hit India are looking to draw inspiration from history when they take on arch-rivals Pakistan in their Champions Trophy opener in Centurion on Saturday.
Also, Justin Langer's chances of getting a fresh contract will depend on Cricket Australia's meeting where the top bosses are expected to take a call.
Alphabet, the parent company of Google, is likely to join the list of Big Tech companies going for large-scale layoffs. With this, almost the entire universe of FAANG - acronym for Facebook, Amazon, Apple, Netflix and Google - has now come under the layoff turbulence hitting tens of thousands of tech jobs around the world. Reports surfaced on Tuesday about the Mountain View (California)-headquartered tech giant planning to fire around 10,000 employees.
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