dheeraj_kumar
30-10-2008, 07:30 PM
Firms to cut 25 percent jobs in next 10 days
Source: Here (http://www.siliconindia.com/shownews/48151)
Indicating further pressure on employees, trade body Associated Chambers of Commerce and Industry of India (ASSOCHAM) foresees that more Indian companies would come up with lay off of nearly 25 percent workforce in the next 10 days to curb the ongoing financial crisis. As companies struggle to meet their target revenue they are forced to take lay off measures to contain costs.
ASSOCHAM conceives that the job cuts would mainly across the steel, cement, construction, real estate, aviation, IT-enabled services and financial service sectors. "As a matter of fact, most of the corporates had desired to start lay-offs in a phased manner much before Diwali of 2008. But these were advised to defer their restructuring after Diwali on humane ground reasons," said Chamber President Sajjan Jindal.
The measures, he said, included denial of bonus and other incentives to reward performance, even as gifts were curtailed.
Source: Here (http://www.siliconindia.com/shownews/48151)
Indicating further pressure on employees, trade body Associated Chambers of Commerce and Industry of India (ASSOCHAM) foresees that more Indian companies would come up with lay off of nearly 25 percent workforce in the next 10 days to curb the ongoing financial crisis. As companies struggle to meet their target revenue they are forced to take lay off measures to contain costs.
ASSOCHAM conceives that the job cuts would mainly across the steel, cement, construction, real estate, aviation, IT-enabled services and financial service sectors. "As a matter of fact, most of the corporates had desired to start lay-offs in a phased manner much before Diwali of 2008. But these were advised to defer their restructuring after Diwali on humane ground reasons," said Chamber President Sajjan Jindal.
The measures, he said, included denial of bonus and other incentives to reward performance, even as gifts were curtailed.