Layoffs 2024: Samsung Electronics plans to lay off more than 200 executives across various functions in its operations in India, The economic time The decision comes amid a slowdown in business growth and weakening consumer demand in the country.
The layoffs are expected to affect several departments, including mobile phones, consumer electronics, home appliances and support functions. Industry sources suggest that this reduction could affect approximately 9-10% of Samsung’s managerial workforce in 2019. Indiathe report added.
According to the report, the company is offering affected employees a severance package that includes three months’ salary as per their employment contract plus one additional month’s salary for each year of service, the report added.
Livemint could not independently verify this report.
The news has caused a stir in the industry and some executives appear to be looking for opportunities elsewhere. As the CEO of a rival appliance company told ET: “I have received frantic calls and resumes from Samsung India “Executives for jobs, as some of the people who have been laid off also include senior executives who are willing to join us even at a substantially lower salary.”
This development coincides with the ongoing labor unrest at Samsung. Chennai Factory. Workers have been on strike for three consecutive days, disrupting production of televisions, refrigerators and washing machines. Despite the strike, Samsung is trying to maintain operations at 50 percent – 80 percent of the plant’s capacity, ET reported.
Opportunity for job creation
Meanwhile, a report by the Economic Times suggested that “by the end of the current fiscal year, Apple could add approximately 200,000 direct jobs, with women constituting over 70 per cent of this workforce.” Government projections cited in the report indicate that each direct job “typically results in at least three indirect jobs,” potentially leading to a total of 500,000 to 600,000 new employment opportunities.
Apple’s growing focus on India as it looks to diversify beyond… PorcelainApple is likely to create a substantial number of jobs in the country. As highlighted in a recent Economic Times report, Apple’s operations could generate over 600,000 jobs in India.
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