Tech Jobs: Samsung India Lays Off Nearly 100 Employees Amid Increased AI Spending, Lacklustre Sales
Samsung India has joined the rest of the many tech companies that have begun layoffs to offset profit losses. It has started laying off employees in batches across its television and home appliance divisions, as the company grapples with rising costs and softer sales. Around 80-100 executives let go so far An Economic Times report says that roughly 80-100 executives across the two businesses have…
Samsung India has recently initiated layoffs, dismissing approximately 80-100 employees across its television and home appliance divisions. The reductions are attributed to rising costs and declining sales. The moves come amid a global shortage of memory chips and a rise in raw material expenses. The layoffs span from executive level roles to field managers.
While the current cuts are focused on the TV and home appliance units, Samsung India's total workforce of around 550-600 executives in the electronics business may see a broader impact, up to 25 percent. The company offers severance packages including three months' salary and an additional month's pay for each year of service. Samsung's smartphone division, its largest business in India, has not been affected by the current round of cuts, which account for roughly three-fourths of Samsung India's revenue.
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