More than 2000 people laid off, company closed 2 out of 3 plants, continuous losses due to Chinese goods, Business Hindi News

Layoff news updates: Cheap goods imported from China are having a negative impact on Indian companies. The company producing ink has been incurring losses for three years due to these cheap Chinese goods. Due to which now the company has had to lay off more than 2000 employees. Two out of three plants have been closed. A senior executive of the company has given this information on Reddit. He said that due to rising expenses, layoffs could no longer be ruled out.

1934 jobs given to permanent employees

This senior executive wrote on Reddit that his father and elder brother take big decisions. The employee said that 1934 permanent employees and 896 contract workers will be affected due to layoffs.

What did the employee say?

The senior employee said on Reddit, “My father has been running this business for 34 years. I joined its overseas team 5 years ago. I have recently come to India. Now working as the Chief of Operations of the company. In our recent meeting, we have decided to close 2 out of 3 companies. Due to which 1934 permanent employees and 896 contract workers have been affected. Apart from this, we had 72 employees in the IT sector which are being reduced to 8.” He writes, “Now we can no longer bear the expenses of the employees.”

The employee says that he is very saddened by this decision. He told that his father and elder brother have taken this decision without asking him.

A cause for concern for the manufacturing sector (Layoff news)

A lot of reactions are coming on this post. While commenting, some users wrote that petroleum based companies have stopped production due to rise in raw material prices and weak demand. These companies are working on their old production.

debate broke out among people

One user wrote, “If such a large company is winding down its operations, then it should not be surprising that production has completely collapsed.”

One user suggested that the salaries of top level employees should have been cut. Another user wrote that the company should set an example in the industry.