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Layoffs still commonplace in India, IT sector worst-hit: Report

Source | https://economictimes.indiatimes.com 

MUMBAI: Even as the economy grows, job layoffs continue to remain a “commonplace” with the automation prone information technology industry employees experiencing more pain than the others, a report said today.

The report comes amid fears of ‘jobless growth’ being witnessed in the country at present.

“Even as the economy improves, layoffs – due to cost cutting, reducing redundancies after a merger or acquisition, and restructuring events due to changes in the industry – remain commonplace,” career transition company Risesmart said in a report after interviewing 1,000 executives.

“The survey concluded that employees in the IT sector experienced more layoffs in comparison to employees in other industries,” a statement issued here said.

It, however, did not elaborate by quantifying the responses across sectors.

In May last year, the then Union labour minister Bandaru Dattatreya had confirmed fears of the ‘jobless growth’ by stating that the economic growth was not translating into rise in employment opportunities.

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