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There is an outcry in the job market around the world. This retrenchment disease started from IT companies like Google Facebook is now dominating tech companies as well. It is reported that the Netherlands’ famous health technology company Philips layoffs fired 6000 employees simultaneously on Monday. Earlier in October also the company had laid off 4000 employees, thus within just 6 months this Dutch company has fired 10000 employees.
Why are layoffs happening?
After the employees were fired, Philips said in a statement that its exercise was done to bring itself into a position of profit. Recently, the company had to recall respirators after a defect. Due to which it has incurred huge losses, in such a situation, the company is laying off 6,000 employees globally in order to restore the profitability of the company. The firm posted a loss of 105 million euros ($114 million) for the fourth quarter of 2022, compared with a total loss of 1.605 billion euros for the previous year. Please tell that this recall happened last year, but its effect is still visible on the company.
layoffs will continue
Philips has told that all 6000 people will not be removed from the job at once. First of all, 3,000 new jobs will be cut in 2023. At the same time, by 2025, around 6,000 employees globally will have to lose their jobs.
These companies are washing their hands in the flowing Ganges
Philips is the latest name in the news about laying off employees. Earlier, Google’s parent company Alphabet has announced the removal of more than 12000 employees. Apart from this, Amazon has announced to lay off 18,000 employees, Meta 11,000 employees, Microsoft 10,000 employees.
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