Layoffs in the company started from February; process will continue till June
As part of restructuring after the merger, layoffs in the company have started from February and will continue till June. The company will remove unnecessary people from distribution, finance, commercial and legal departments.

Layoffs in the company started from February; process will continue till June
As part of restructuring after the merger, layoffs in the company have started from February and will continue till June. The company will remove unnecessary people from distribution, finance, commercial and legal departments.

One to three months’ notice, salary will be given like this

If an employee has joined the company a year ago, he will get one month’s full salary. Other employees will also get it accordingly. There will be a notice of one to three months.

The deal was done for Rs 70,352 crores.

After the merger, Jio has become the country’s largest entertainment network. This deal was done for Rs 70,352 crores. Disney-Reliance Entertainment now has 75 crore viewers. Reliance has invested Rs 11,500 crores for this joint venture.

DHL will lay off 8,000 people

DHL will lay off around 8,000 people in Germany this year. The company is planning to save one billion euros by 2027 and this decision has been taken as part of that strategy. DHL’s Chief Executive Officer Tobias Meyer said that one percent of the total workforce will be laid off.

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Qualcomm, a leading smartphone chip manufacturing company, has informed about the layoff of 226 employees under the California WARN (Worker Adjustment and Retraining Notification) Act, which will start from the second week of November 2024.

Layoffs to take place at 16 facilities in San Diego

Qualcomm’s layoffs will be done across its 16 facilities and headquarters in San Diego. However, the company did not say whether this would affect the cybersecurity team or not.

Reason for layoff

According to a Tech Crunch report, the company has cited a change in business strategy as the reason for this layoff. The company says that it is reorganizing its investments, resources and talent in such a way that it can take maximum advantage of new opportunities.

Layoffs in other big tech companies too

Earlier, big companies like Intel, Cisco and IBM also laid off employees in August 2024. Intel had decided to lay off 15,000 employees, Cisco 6,000 and IBM 1,000. A total of 27,000 employees were laid off during August, taking the total number of layoffs so far this year to 1,36,000.

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Let us tell you that whenever a company shows the way out to an employee of its own free will, then severance charges are given to him by the company.

The company’s CFO gave this information

The company’s Chief Financial Officer Mark Mason has discussed the company’s earnings on a conference call, in which he has said that the company has cut the jobs of about 7000 employees overall this year. He further said that by the end of June, about 5000 employees have been laid off and its severance charge is around $450 million.

Why are jobs being cut?

While giving information, Mason has also said that due to repositioning charges the company has cut the jobs of the employees.

More layoffs may occur due to restructuring

The group has said in the report that due to restructuring, employees’ jobs are being cut, but the company has not yet disclosed the number of employee cuts.

240,000 employees are working

Let us tell you that even after retrenchment, the number of people working in the company is 240,000. Citigroup’s expenses increased 6 percent to $13.5 billion in the third quarter, which was less than experts’ estimates. According to the report, the bank is still expecting total expenses for the entire year at $54 billion.

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The round of retrenchment is going on at the global level including India. There has been more layoffs in the year 2023 as compared to last year . From January to April, many big companies have fired employees and now the name of another company has been added to this list.

America’s big company Cognizant has now decided to lay off 3,500 employees. Earlier, many IT companies including Facebook, Microsoft and Amazon have shown the way out to more than 1.5 lakh employees. It has also affected the employees of India.

Why are you laying off

Ognizant’s revenue has registered a year-on-year decline of 0.3 percent and the revenue has reached $ 4.81 billion. The profit of the company has increased year after year, which has registered an increase of about 3 percent. The company’s bookings for the quarter stood at $25.6 billion on a trailing twelve month basis, up from $24.1 billion in Q4FY22. The company has decided to lay off to manage its expenses.

how many employees are there now

Presently there are 3 lakh 55 thousand 300 employees in Cognizant. The layoffs at Cognizant followed Accenture, which announced it would lay off 19,000 people. Cognizant has given the responsibility of this decision to the NextGen program, under which the company has said that it wants to simplify its operating model.

IBM will replace with AI

EBM has decided that it will no longer be hiring employees. Rather, he will recruit AI instead. About 7800 employees will be replaced by AI. At the same time, Disney has recently announced that it will lay off 4 thousand employees. Earlier he had asked to withdraw 7000.

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