Mass layoffs continue at multinational tech companies. Reports say that 2 lakh people have lost their jobs globally. After Amazon and Microsoft, Cisco, an American multinational company, has finally come out with a report that it will lay off 4,000 employees.
It is reported by the international media that the company employees have been informed about their release. The layoffs are part of the mass layoffs announced last month. The company is said to be discussing with the employees the details of the severance packages as well as giving them time to find new jobs.
Last month it decided to lay off 5 percent of its workforce, with a total of 4,000 laid off in the first phase.
Cisco Chairman and CEO Chuck Robbins did not provide details on the layoff reports, but employees have started coming forward with posts suggesting layoffs.
All the big companies have already signaled mass layoffs. Top tech companies like Meta, Amazon, Twitter, Lenovo, Salesforce, Adobe have already laid off thousands of employees. The news of many people losing their jobs in a single day even after performing well in companies like Metta and Google came out last month. As part of the layoffs of multinational companies, workers in offices in India also lost their jobs. Facebook’s parent company Metta has laid off 11,000 employees.
10,000 people lost their jobs from Amazon. Amazon layoffs are expected to continue until 2023. Elon Musk fired 50 percent of his employees from Twitter. On this occasion, Tata Group has come forward with a relief to the techies. Jaguar Land Rover, a branch of the Tata Group, has announced that 800 of the laid off employees will be hired in the first phase. By 2025, the company, which will step into the electric sector, may hire laid-off employees in areas such as electrification, machine learning and data science.