Over 17,400 tech employees got fired in February 2023 globally to date
Contents News/Article Date:13th February 2023
Relating to which Act: The Indian Constitution grants the Central and state governments the powers to enact laws to protect the employees and foster a professional work environment. Based on the industry, nature of the work, number of employees in the company, location, and more, there are various legislations like the Industrial Disputes Act 1947 (ID Act), Factories Act 1948 (Factories Act), and Shops and Establishment Acts in relevant states (S&E Act).
Applicable to which State: Acts and Rules are applicable to all States
Type: Telangana Today Report
Pertains to: Establishments and Employees in all types of Organizations running businesses for profit or nonprofit
Relevance of this news: Karma Management Global Consulting Solutions Pvt Ltd has been in the business of HR Services, Payroll, Outsourcing, and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory, and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also fully in labor compliance for nearly 18 years and is helping both establishments and workers for the fulfillment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on pan India basis. Recently, it has diversified into foreign shores as well, into countries like the US, UK, UAE, Canada, and South East Asia for handling payroll, outsourcing, recruitment, compliance, and governance.
Karma Management Global Consulting Solutions Pvt Ltd handles the obligations of all provisions contained in the labor acts and rules. Employees are entitled to several benefits under the Employment Act, including annual paid leave, sick leave, maternity benefits, paid public holidays, etc. Employers must ensure that they meet all of the Act’s standards and that the contract conditions reflect this.
Businesses must comply with the following requirements of the Act in particular:
- Minimum wage
- Maternity benefits
- Revision of wages
- Safer work environment
- Adaptive work culture
- Issuance of employment contracts
- Social contributions
- Health care and insurance
- Holidays and annual leave
- Termination, severance pay, grievance handling, redressal
And in this instance: More than 17,400 employees in the tech industry have lost jobs in the month of February 2023 globally to date, with many workers in India receiving pink slips amid deepening global macroeconomic conditions.
In 2023 so far, around 340 companies have laid off more than 1.10 lakh employees worldwide, and there appears to be no respite from job cuts.
Subject: Over 17,400 tech employees got fired in February 2023 globally to date
Appended is the complete news item
Over 17,400 tech employees got fired in February globally to date
Source: Telangana Today
In 2023 so far, around 340 companies have laid off more than 1.10 lakh employees worldwide
New Delhi: More than 17,400 employees in the tech industry have lost jobs in the month of February globally to date, with many workers in India receiving pink slips amid deepening global macroeconomic conditions.
In 2023 so far, around 340 companies have laid off more than 1.10 lakh employees worldwide, and there appears to be no respite from job cuts.
Major companies which commenced layoffs this month include Yahoo, BYJU’s, Go Daddy, GitHub, eBay, Autodesk, OLX Group, and others.
In January, close to 1 lakh of them lost jobs in the month of January globally, dominated by companies like Amazon, Microsoft, Google, Salesforce, and others, according to layoff.fyi, a website that tracks job cuts globally.
More than 3,300 tech employees lost jobs daily on average by more than 288 companies worldwide in January alone.
More job cuts are likely coming in days to come amid recession fears.
After firing 11,000 employees in November last year, Meta (formerly Facebook) is reportedly planning to reduce headcount further in its “year of efficiency”.
Aviation giant Boeing is slashing 2,000 jobs in finance and HR verticals this year and the company outsources about a third of those jobs to Tata Consulting Services (TCS) in Bengaluru.
In 2022, over 1,000 companies laid off 154,336 workers, as per the data from the layoffs tracking site Layoffs.fyi.
So far, more than 2.5 lakh tech employees have lost their jobs.