Firms to cut 25 percent jobs in next 10 days

[dheeraj_kumar]

Firms to cut 25 percent jobs in next 10 days

Source: Here

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.

[red_devil]

and there are people who still claim that the recession in US wouldn't hit India very hard.

[desiibond]

time to say good bye to Benchwarmers

[thewisecrab]

What sort of companies are expected to lay off?
I'd think it would be those who mainly have their a greater overseas market share, as they would be baring the brunt of this crisis

[neogen]

Originally Posted by thewisecrab

What sort of companies are expected to lay off?
I'd think it would be those who mainly have their a greater overseas market share, as they would be baring the brunt of this crisis

No wonder that would be IT firms.

[din]

Not just IT. They listed the seven Industry types.

Bad time Hope it will not last for long.

[NucleusKore]

25% !!!!

[thewisecrab]

Originally Posted by din

Not just IT. They listed the seven Industry types.

Bad time Hope it will not last for long.

You need to define "long" here.
Experts and analysts say that this recession will last for atleast 2 years as the banking system in the USA was severely flawed. Thus, it may take 2 years to correct or even eradicate that system and put a new system in place. As USA is one of the largest economies in the world, it's ripple effect will be felt in India as well.

[blueshift]

Bad news for already unemployed like me!

[victor_rambo]

Tell me honestly, how many of you were expecting such undesirable days? To be honest, I was expecting it. Much has been said about the flaws of the American economy in recent months. Stock traders has enough warnings to book their profits. Remember the 14,500 levels? That crash was also due to almost the same reason. Sentiments are real bad now.

[kumarmohit]

Time to slooow the upgrades and save as many Gandhis as possible!

[Bandu]

Its not limited just to IT.

An Insurance firm in Nashik laid off 10 people citing economic downturn and the company not doing well as the reason. I'll refrain from writing the company name, but its one of those bigger players in the industry.

Talked to someone in Pune today. They say that bench warmers in IT comps who have been running around avoiding projects for some reason or the other and have been on the bench for 3+ months will be given the pink slip soon.

My friends comp (in Mumbai) slashed employee salaries by 25 to 30%. Do not plan conduct campus recruitments this year either.

[harryneopotter]

OMG .... wat will happen to me now ..... Just becoz of my damn bad luck ... the whole industry is sufferring ............ WTDF !!!!!!

[iinfi]

m without a job for 8 full months now ...

no calls no calls no calls damn hell ....