Globally, the company is said to have laid off around 30,000 workers
Punjab Newsline | New Delhi
A major development has emerged involving US-based IT giant Oracle, as reports suggest the company has laid off nearly 12,000 employees in India. Additionally, another round of large-scale layoffs is expected within the next month.
According to sources, more than 40% of the total global layoffs have impacted Indian employees. Globally, the company is said to have laid off around 30,000 workers. The information has been confirmed by several employees affected by the decision.
Reports indicate that Oracle employs approximately 30,000 people in India, a significant portion of whom have been impacted by this move. However, the company has declined to issue any official statement on the matter.
In an internal email sent to employees, the company stated that organizational changes are being implemented to simplify operations. As a result, several roles are being eliminated, leading to job losses.
The company has also announced a severance package for affected employees. Those who have completed one year of service will receive 15 days’ salary. In addition, employees will be compensated with salary up to the termination date, leave encashment, gratuity (as applicable), and one month’s notice period pay.
Furthermore, the company has offered an additional two months’ salary as part of a special package, but this will only apply to employees who choose to resign through mutual agreement.