Job Cuts In India
World Financial crisis hasn’t left any industry or any part of the world. Job cuts, leave without pay, reducing regional offices, marketing and advertisement cuts, restricting bonus pay etc are the common steps that are taken by the organizations worldwide to fight this financial meltdown.
Jet Airways, major player in aviation industry of India had lay off 800 staffs on 13th October 2008.The move comes a day when Kingfisher and Jet Airways glued to form an alliance to reduce costs and improve operational efficiencies. But the political pressures by Indian political parties like Shiv Sena and Maharastra Navnirman Sena, headed by Raj Thackeray forced Naresh Goel, chief Jet Airways to take off his decision back.
Just after three days on 16th October 2008, Air India offered its 15,000 staffers leave without pay to save Rs 75,000,000 annually. But according to the statement of Aviation Minister, Praful Patel given on 21st October 2008, there will be no job cuts in Air India.
Kingfisher Airlines, headed by Vijaya Mallaya had also decided to cut salary by 10% from the present digits. Also trainee pilots will be hired on a fixed salary of Rs 20,000.
Meltdown also has profound effect on Auto Industry. ‘Cut in production’ is the eminent step taken by the most. India’s biggest auto company disengaged its 300 temporary employee at Jamshedpur unit. Mahindra & Mahindra, the country’s leading manufacturer of utility vehicles generally deploys more than 600 temporary workers at its Nasik Plant. All India Trade Union Congress confessed that down turn has forced company to trim their workforce.
In Banking sector, Cholamandalam DBS finance Ltd, joints venture of DBS Bank of Singapore & $ 2.4 billion Murugappa group has decided to close 75 of its 260 branches and also sees of nearly 200 employees. Its wonder that till now private banking giants like HDFC and ICICI has not taken steps like this!
In IT sector, Infosys has denied on any job...
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