India Inc is likely to lay off a quarter of its employees, says a study. The job cuts are expected to be across the steel, cement, construction, real estate, aviation, IT-enabled services and financial services sectors.
Employers have no other alternative as part of their corporate strategy for sustaining their operations even after drastic cost cutting measures. Jet Airways sacked 1,900 employees, citing declining demand and high fuel costs, but reinstated them days later on protests and political pressure. Realty firm Parsvnath too said it would axe employees on the face of declining sales. Tata Motors has asked 300 employees at its Jamshedpur unit not to report for duty.