As per Reuters, an Indian multinational steel-making company, Tata Steel has sacked 800 employees in the Netherlands. The employees have been impacted by the layoffs due to market conditions and to bring down costs.
As per the bifurcation of the layoffs, 500 full-time workers and 300 temporary positions have been impacted in the IJmuiden plant near Amsterdam. The plant currently employs 9,200 employees.
The company said, “The steel market has been in dire straits for some time. In order to remain structurally competitive and profitable now and in the future, Tata Steel Netherlands is taking significant measures, including a reduction of 800 jobs in IJmuiden.”
“Despite all efforts by Tata Steel to improve its market position and reduce costs, more needs to be done”, the company added.
The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Amazon sacked 27,000 employees in three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
The year 2023 has been a year of layoffs. Some companies have skipped or rethinking on-campus hiring. However, Over 4 Lakhs employees lost Jobs in 2023.
So far in 2023, there have been 1,825 layoffs at tech companies with 402,761 people impacted (1,267 people per day). In 2022, there were 1,557 layoffs at tech companies and 243,318 people impacted (667 people per day).
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