With the effort to reduce cost, India companies are set to cut 25-30 percent employees in businesses like IT, aviation, steel, financial services, real estate, cement and construction, reported local leading newspaper Times of India on its website Wednesday.
These seven sectors are no longer in a position to sustain their operations with existing manpower strength, according to a report from Assocham (Associated Chambers of Commerce and Industry of India), a leading industry body in India.
"HR heads of these sectors have drawn up conclusive plans to curtail their workforce by 25-30 percent, announcements for which is likely in the next 10 days or so," Assocham president Sajjan Jindal said.
Without naming the companies which would take this step, the chamber said the corporates have no other alternatives to sustain operations with squeezed margins after drastic cost-cutting measures like denying bonus.
Source:Xinhua
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