Private-sector plans layoff, salary cut amid COVID-19 crisis.
Private Sector is laying off a hundred number of employees in India. Companies are saying that the unpredictable nature of recovery of business has left it no choice but to ‘reduce the size of its workforce’.The impact of Covid-19 and the unpredictable nature of the recovery has left the private sector with no choice.
Reason behind the Layoffs –
All industries are suffering in the current pandemic situation and the pain is now translating into layoffs in every industry at every level.
Companies are offering few promises like -some extra payout, medical insurance for the limited tenure, etc.
Lakhs of Indians have lost their jobs and are homeless. As unemployment peaks, day-to-day living will be a challenge.
This phase will decrease the positivity in our society. As companies are not focusing to hire the people so job opportunities for unemployed employees are very less.
Companies are even cutting the salaries of those employees whom they are planning to retain.
The termination of an employee or a cut in salary will only increase the crisis and will not only weaken their financial condition but also hamper their morale to fight this epidemic.