Along with Corona, the Ukraine and Russia war has plunged the countries of the world into crisis. In addition to the growing economic recession, due to the war and extreme weather conditions in many countries, even giant companies have started trying to get out of this situation. All the news of the dismissal of employees that we see in the media all the time is a part of it. The country's Reserve Bank has stepped into the field to withstand the economic recession that is affecting America due to Covid. It has increased the 'Federal Fund Rate (interest rate) on the loans it gives to banks. Naturally, all the banks put that burden on the customers. They have increased the interest rates on the loans they have given and given to individuals and companies.
To cope with this burden, product-oriented companies such as Meta (Facebook's parent company), Seagate, and Microsoft have focused on cutting costs. To that end, one of the main ways that they can think of is the dismissal of employees. Mark Zuckerberg, the CEO of Meta, has announced more than 11,000 employees will be laid off. Out of these 11 thousand people, about 1000 are Indians. 300-400 of them are working in India. Hard disk manufacturer Seagate Technologies plans to lay off 8% of its workforce (about 3,000 people) worldwide. Not only is the famous e-commerce giant Amazon preparing to lay off 10 thousand employees in the name of cost control, but it has also announced that it will stop hiring new employees for a few years. It is reported that most of the employees to be fired by Amazon will be Indians.
Companies like Walt Disney and Netflix have also started cutting jobs. It is estimated that Indians will be the biggest losers due to these layoffs, which are being carried out at the level of a movement by the big companies. Indians who went to America and other countries on the visas of the respective companies are now losing their jobs and are in a state of disorientation. In this way, if a company fires a person working in America on an H-1B visa, they have to look for a job in another company within 60 days. If not, go back home. Twitter was in losses at the time when Elon Musk bought the company by pouring 4400 million dollars! In addition to this, due to the high-interest burden for the debts taken by Musk from the banks to buy Twitter. Fifty percent of the company's employees around the world, i.e. more than 3,700 employees, were removed very simply once. Indians are significant among them.
Perhaps because of the anger that the Indian government is imposing strict restrictions on the arrival of the Tesla company, Musk completely removed the marketing and communications departments of the Twitter company in India. Currently, all the job cuts around the world are from product-based companies. Also, five service-based companies providing services from our country like Wipro, Infosys, TCS, Cognizant, and HCL. Cognizant is the only American multinational company among them. That's why that same company recently fired 12 thousand of employees in India for submitting fake certificates and fake resumes on the pretext of an improper background check. As funding from developed countries has decreased due to economic recession and there has been a shortage of funds, 44 start-up companies in India have laid off 15,708 employees till November 5 this year.
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