Date :- 16-01-2023
Watsupptoday Desk

The tech industry is going through a rough time. The sector witnessed massive layoffs last year and it appears that the situation is going to remain the same, or maybe get worse in 2023. At the start of the year, Amazon CEO Andy Jassy announced laying off over 18000 employees globally. The layoffs at Amazon have already started and many Indians are impacted. After Amazon, social media platform ShareChat has announced cutting 20 per cent jobs. The Google-backed social media firm SharChat announced layoffs at the firm on Monday. The company has officially confirmed the layoffs and several external macro factors that impact the cost and availability of capital." As per reports, ShareChat and its short video app Moj are expected to fire around 500 employees in the latest round of layoffs. We've had to take some of the most difficult and painful decisions in our history as a company and had to let go of around 20 per cent of our incredibly talented employees who have been with us in this start-up journey. Companies need to prioritise their bets and invest in the highest-impact projects only. The decision to reduce employee costs was taken after much deliberation and in light of the growing market consensus that investment sentiments will remain very cautious throughout this year," the ShareChat spokesperson further added. The company explained that it is doubling down on advertising and live-streaming revenues and plans to sail through "uncertain economic conditions" over the next two years. With these measures, the company hopes to come out stronger. SharChat has announced severance pay for hundreds of impacted employees. The company said that the severance package will include the total salary for the notice period, 2 weeks pay for every year served at the company, full variable pay till December 2022, and health insurance cover, which will remain active until June 2023. In addition, impacted employees will be allowed to retain some of their work assets, including work laptops, Employee Stock Option Plans (ESOPs) till April 30, 2023, and unused leave balance of up to 45 days, which will be encashed as per current salary. Meanwhile, Amazon has started layoffs across the globe, including India. As per reports, nearly 1000 Amazon employees in India will be impacted by layoffs. Earlier this month, Amazon CEO Andy Jassy announced layoffs at the firm and said that more than 18000 employees will be impacted by the layoffs. As India Today Tech previously reported, the company is sending emails to impacted employees and offering nearly 5 months severance pay.