India's unemployment rate for individuals aged 15 and above reached a six-year low of 3.2 per cent during the period from July 2022 to June 2023, The Press Trust of India (PTI) reported. This data was reported in the Periodic Labour Force Survey Annual Report 2022-2023 released by the National Sample Survey Office. The unemployment rate is defined as the percentage of unemployed persons in the labour force.

The Periodic Labour Force Survey (PLFS) was launched by the NSSO in April 2017 to provide more frequent labour force data. In the most recent data, the unemployment rate (UR) in usual status for persons aged 15 years and above at the all-India level decreased to 3.2 per cent in 2022-23 from 4.1 per cent in 2021-22. The UR was 4.2 per cent in 2020-21, 4.8 per cent in 2019-20, 5.8 per cent in 2018-19, and 6 per cent in 2017-18, according to the PLFS data.

The survey distinguishes usual status, which determines a person's employment status based on the reference period of 365 days preceding the survey date.

The data revealed a notable decline in unemployment rates in both rural and urban areas. In rural regions, UR decreased from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23, while in urban areas, it decreased from 7.7 per cent to 5.4 per cent. The UR for males in India decreased from 6.1 per cent in 2017-18 to 3.3 per cent in 2022-23, with a corresponding decrease for females from 5.6 per cent to 2.9 per cent.

The survey also showed a significant increase in the Labour Force Participation Rate (LFPR) in usual status for individuals aged 15 and above, rising to 57.9 per cent from 49.8 per cent in 2017-18. LFPR is defined as the percentage of persons in the labour force—those working, seeking work, or available for work—in the population.

For rural areas, LFPR increased from 50.7 per cent in 2017-18 to 60.8 per cent in 2022-23, while for urban areas, it increased from 47.6 per cent to 50.4 per cent. The LFPR for males in India increased from 75.8 per cent in 2017-18 to 78.5 per cent in 2022-23, with a corresponding increase for females from 23.3 per cent to 37.0 per cent.

The Worker Population Ratio (WPR) in usual status for persons aged 15 and above also increased to 56 per cent in 2022-23 from 46.8 per cent in 2017-18. WPR is defined as the percentage of employed persons in the population.

For rural areas, WPR increased from 48.1 per cent in 2017-18 to 59.4 per cent in 2022-23, while for urban areas, it increased from 43.9 per cent to 47.7 per cent. The WPR for males in India increased from 71.2 per cent in 2017-18 to 76.0 per cent in 2022-23, and the corresponding increase in WPR for females was from 22.0 per cent to 35.9 per cent.

The Periodic Labour Force Survey collects data on a yearly basis. The recent data is based on the survey conducted from July 2022 to June 2023.

However, the report noted that fieldwork for collecting information in some areas could not be completed due to "disturbed field situations and unavailability of internet services."

(Inputs from PTI)&nbsp;

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India's unemployment rate for individuals aged 15 and above reached a six-year low of 3.2 per cent during the period from July 2022 to June 2023, The Press Trust of India (PTI) reported.

India's unemployment rate for individuals aged 15 and above reached a six-year low of 3.2 per cent during the period from July 2022 to June 2023, The Press Trust of India (PTI) reported. This data was reported in the Periodic Labour Force Survey Annual Report 2022-2023 released by the National Sample Survey Office. The unemployment rate is defined as the percentage of unemployed persons in the labour force. The Periodic Labour Force Survey (PLFS) was launched by the NSSO in April 2017 to provide more frequent labour force data. In the most recent data, the unemployment rate (UR) in usual status for persons aged 15 years and above at the all-India level decreased to 3.2 per cent in 2022-23 from 4.1 per cent in 2021-22. The UR was 4.2 per cent in 2020-21, 4.8 per cent in 2019-20, 5.8 per cent in 2018-19, and 6 per cent in 2017-18, according to the PLFS data. The survey distinguishes usual status, which determines a person's employment status based on the reference period of 365 days preceding the survey date. The data revealed a notable decline in unemployment rates in both rural and urban areas. In rural regions, UR decreased from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23, while in urban areas, it decreased from 7.7 per cent to 5.4 per cent. The UR for males in India decreased from 6.1 per cent in 2017-18 to 3.3 per cent in 2022-23, with a corresponding decrease for females from 5.6 per cent to 2.9 per cent. The survey also showed a significant increase in the Labour Force Participation Rate (LFPR) in usual status for individuals aged 15 and above, rising to 57.9 per cent from 49.8 per cent in 2017-18. LFPR is defined as the percentage of persons in the labour force—those working, seeking work, or available for work—in the population. For rural areas, LFPR increased from 50.7 per cent in 2017-18 to 60.8 per cent in 2022-23, while for urban areas, it increased from 47.6 per cent to 50.4 per cent. The LFPR for males in India increased from 75.8 per cent in 2017-18 to 78.5 per cent in 2022-23, with a corresponding increase for females from 23.3 per cent to 37.0 per cent. The Worker Population Ratio (WPR) in usual status for persons aged 15 and above also increased to 56 per cent in 2022-23 from 46.8 per cent in 2017-18. WPR is defined as the percentage of employed persons in the population. For rural areas, WPR increased from 48.1 per cent in 2017-18 to 59.4 per cent in 2022-23, while for urban areas, it increased from 43.9 per cent to 47.7 per cent. The WPR for males in India increased from 71.2 per cent in 2017-18 to 76.0 per cent in 2022-23, and the corresponding increase in WPR for females was from 22.0 per cent to 35.9 per cent. The Periodic Labour Force Survey collects data on a yearly basis. The recent data is based on the survey conducted from July 2022 to June 2023. However, the report noted that fieldwork for collecting information in some areas could not be completed due to "disturbed field situations and unavailability of internet services." (Inputs from PTI) WATCH WION LIVE HERE

India's unemployment rate hits six-year low, rural areas witness significant improvements: Report  

The US Labour Department announced that a staggering 336,000 jobs were added in September, nearly double the expected gain of around 170,000. While the job market flourishes, the unemployment rate remains unchanged at 3.8%.

US jobs report surprises markets

LinkedIn is tapping into AI to make it easier for firms to find job candidates. LinkedIn says that it will add artificial intelligence features to its core businesses. The new AI features will allow recruiters to find job candidates by asking questions in their regional language.

LinkedIn social network adds AI features to its core businesses

The US may face its fourth partial government shutdown in a decade. The shutdown could take away the jobs of thousands of federal workers. It will also affect several sectors like healthcare, education, transportation and law enforcement. In what other ways will the government shutdown affect the citizens? Priyanka Sharma brings you a report.

Gravitas: US could face its fourth partial government shutdown in a decade

Warner Bros Discovery said in a statement that WBSL will be expanded with the addition of 10 new sound stages and an additional 400,000 sq ft (37,000 sq meters) of production and support space.

Warner Bros Studios Leavesden to undergo expansion, creating 4,000 jobs

According to a recent report published by Bengaluru-based Azim Premji University, a significant 42 per cent of graduates under the age of 25 found themselves unemployed in the aftermath of the Covid-19 pandemic.

This&nbsp;figure comes as the pace of job creation in the country slowed down due to the global economic downturn.

The report titled 'State of Working India 2023: Social Identities and Labour Market Outcomes,', is based on data from the Periodic Labour Force Survey (2021-22) conducted by the National Statistical Office (NSO). It highlights a notable disparity in unemployment rates among individuals with higher education. It revealed that "the unemployment rate falls from over 40 per cent for educated youth under 25 years of age to less than 5 per cent for graduates who are 35 years and above." However, the report emphasises the importance of understanding the quality and suitability of the jobs that graduates eventually secure.

The report also explores the connection between India's economic growth and job creation, concluding that this relationship remains weak.

It stated, "Since the 1990s, year-on-year non-farm GDP growth and non-farm employment growth are uncorrelated with each other, suggesting that policies promoting faster growth need not promote faster job creation." But it also noted that between 2004 and 2019, growth did translate into decent employment, with this trend disrupted by the pandemic, leading to an increase in distress employment.

This report arrives amidst upcoming state elections and the general elections scheduled for May 2024. It also comes amid protests by opposition parties regarding the persisting issue of joblessness. The university had previously released a report before the 2019 elections, indicating that five million jobs were lost during 2016-2018. While the report did not establish a direct link, it's worth noting that the government's demonetisation of Rs 500 and Rs 1,000 banknotes occurred in November 2016.

In August 2023, the Union government unveiled Rs 1.18 trillion worth of programs spanning various sectors, aiming to create jobs. Despite these efforts, the manufacturing sector, a significant source of employment in the economy, has struggled to expand. Informal services have taken the centre stage as the main job creators, presenting a challenge for policymakers.

The report further highlights the changing dynamics of employment in India. It stated, "On the one hand, the economy has grown rapidly since the 1980s, drawing millions of workers out of agriculture. And the proportion of salaried or regular wage workers has risen while that of casual workers has fallen." On the other hand, manufacturing has failed to significantly increase its share of GDP or employment, with construction and informal services emerging as the primary sources of job creation.

The report lastly, touches upon gender-based earnings disparities in India. It noted that over the past decades, these disparities have reduced, with salaried women workers earning 76 per cent of what their male counterparts earned in 2017, up from 70 per cent in 2004. This reduction in the gender pay gap has remained consistent through 2021-22.

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According to a recent report published by Bengaluru-based Azim Premji University, a significant 42 per cent of graduates under the age of 25 found themselves unemployed in the aftermath of the Covid-19 pandemic.

According to a recent report published by Bengaluru-based Azim Premji University, a significant 42 per cent of graduates under the age of 25 found themselves unemployed in the aftermath of the Covid-19 pandemic. This figure comes as the pace of job creation in the country slowed down due to the global economic downturn. The report titled 'State of Working India 2023: Social Identities and Labour Market Outcomes,', is based on data from the Periodic Labour Force Survey (2021-22) conducted by the National Statistical Office (NSO). It highlights a notable disparity in unemployment rates among individuals with higher education. It revealed that "the unemployment rate falls from over 40 per cent for educated youth under 25 years of age to less than 5 per cent for graduates who are 35 years and above." However, the report emphasises the importance of understanding the quality and suitability of the jobs that graduates eventually secure. The report also explores the connection between India's economic growth and job creation, concluding that this relationship remains weak. It stated, "Since the 1990s, year-on-year non-farm GDP growth and non-farm employment growth are uncorrelated with each other, suggesting that policies promoting faster growth need not promote faster job creation." But it also noted that between 2004 and 2019, growth did translate into decent employment, with this trend disrupted by the pandemic, leading to an increase in distress employment. This report arrives amidst upcoming state elections and the general elections scheduled for May 2024. It also comes amid protests by opposition parties regarding the persisting issue of joblessness. The university had previously released a report before the 2019 elections, indicating that five million jobs were lost during 2016-2018. While the report did not establish a direct link, it's worth noting that the government's demonetisation of Rs 500 and Rs 1,000 banknotes occurred in November 2016. In August 2023, the Union government unveiled Rs 1.18 trillion worth of programs spanning various sectors, aiming to create jobs. Despite these efforts, the manufacturing sector, a significant source of employment in the economy, has struggled to expand. Informal services have taken the centre stage as the main job creators, presenting a challenge for policymakers. The report further highlights the changing dynamics of employment in India. It stated, "On the one hand, the economy has grown rapidly since the 1980s, drawing millions of workers out of agriculture. And the proportion of salaried or regular wage workers has risen while that of casual workers has fallen." On the other hand, manufacturing has failed to significantly increase its share of GDP or employment, with construction and informal services emerging as the primary sources of job creation. The report lastly, touches upon gender-based earnings disparities in India. It noted that over the past decades, these disparities have reduced, with salaried women workers earning 76 per cent of what their male counterparts earned in 2017, up from 70 per cent in 2004. This reduction in the gender pay gap has remained consistent through 2021-22. WATCH WION LIVE HERE

High youth unemployment remains a challenge post Covid: Report

A new survey reveals that 60% to 80% of NRIs from U.S, UK, Canada, Australia and Singapore want to return to India after retirement. Is it for financial reasons, emotional reasons or both? Priyanka Sharma tells you more.

Gravitas: Most NRIs Want To Return To India, Here's Why

A report on the US Labour market in August reveals a mixed reality. While job growth defied expectations, the unemployment rate experienced a notable uptick. Nonfarm payrolls exceeded expectations, posting a growth of 187,000 jobs, surpassing the estimated 170,000. However, this apparent success is tempered by a significant increase in the unemployment rate, which reached 3.8%, marking its highest level since February 2022.

What the US job market data says

Elon Musk's X, previously known as Twitter, has introduced a new feature on its platform, marking its entry into the realm of professional networking. This move represents a significant step in challenging established job search websites like LinkedIn. While unveiling the new, X Hiring Beta, the company wrote, "Unlock early access to the X Hiring Beta — exclusively for Verified Organizations. Feature your most critical roles and organically reach millions of relevant candidates. Apply for the Beta today."&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Unlock early access to the X Hiring Beta — exclusively for Verified Organizations. 
 
Feature your most critical roles and organically reach millions of relevant candidates. 
 
Apply for the Beta today 🚀: <a href="https://t.co/viOQ9BUM3Y">https://t.co/viOQ9BUM3Y</a> <a href="https://t.co/AYzdBIDjds">pic.twitter.com/AYzdBIDjds</a>
— Hiring (@XHiring) <a href="https://twitter.com/XHiring/status/1695154429828247798?ref_src=twsrc%5Etfw">August 25, 2023</a></blockquote>
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Along with the post, there was a link that directed the users to a sign-up page. "Sign up for early access to X Hiring, currently available for Verified Organizations. If eligible, we'll enable the Hiring features on your account," it said.&nbsp;

<h2>Exclusive early access&nbsp;</h2>

This initiative is a part of X's endeavour to expand its offerings beyond micro-blogging social media platform and transform it into a more comprehensive platform.

Also Read | <a href="https://www.wionews.com/world/at-least-two-killed-one-injured-after-russian-shelling-hits-cafe-in-ukraines-northeast-629482">At least two killed, one injured after Russian shelling hits cafe in Ukraine’s northeast</a>

The Hiring feature is currently in its testing phase and provides verified organisations with the opportunity to post job listings on their X profiles.

This feature is accessible exclusively to premium subscription holders, media reports said.&nbsp;

As per reports, for a monthly fee of $1,000 (approximately Rs 82,300), verified companies can make use of this feature and gain a competitive advantage by advertising job roles on their X profiles.

<h2>Streamlined recruitment process</h2>

Other reports also said that the Hiring feature will allow companies to seamlessly import job data using supported Applicant Tracking Systems (ATS) or through an XML feed. Although the current offerings of the Hiring feature might not match the depth of features provided by LinkedIn, it presents an innovative proposition for companies looking to diversify their recruitment strategies.

<h2>X's strategic integration</h2>

Industry observers view this venture as a strategic move towards transforming X into an "everything app." This step demonstrates X's aspiration to broaden its influence and embrace various roles in the technology sector.

Also Read | <a href="https://www.wionews.com/world/china-sends-police-experts-to-vanuatu-after-pro-west-pm-loses-power-629511">China sends ‘police experts’ to Vanuatu after pro-West PM loses power</a>

X's recently acquired Laskie, its first acquisition since Elon Musk's took over the micro-blogging site. Integrating Laskie's expertise could play a crucial role in developing and launching the new Hiring feature.

Watch | NASA's supersonic passenger flights are getting closer

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<h2>Enhanced visibility&nbsp;</h2>

Companies with verified status will reportedly have the privilege of showcasing up to five job positions on their profiles, enhancing their visibility to potential candidates. This feature seeks to streamline the recruitment process and provide an additional avenue for companies to connect with potential talent.

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&nbsp;

Elon Musk's X, previously known as Twitter, has introduced a new feature on its platform, marking its entry into the realm of professional networking. This move represents a significant step in challenging established job search websites like LinkedIn.

Elon Musk's X, previously known as Twitter, has introduced a new feature on its platform, marking its entry into the realm of professional networking. This move represents a significant step in challenging established job search websites like LinkedIn. While unveiling the new, X Hiring Beta, the company wrote, "Unlock early access to the X Hiring Beta — exclusively for Verified Organizations. Feature your most critical roles and organically reach millions of relevant candidates. Apply for the Beta today." Unlock early access to the X Hiring Beta — exclusively for Verified Organizations. Feature your most critical roles and organically reach millions of relevant candidates. Apply for the Beta today 🚀: https://t.co/viOQ9BUM3Y pic.twitter.com/AYzdBIDjds — Hiring (@XHiring) August 25, 2023 × Along with the post, there was a link that directed the users to a sign-up page. "Sign up for early access to X Hiring, currently available for Verified Organizations. If eligible, we'll enable the Hiring features on your account," it said. Exclusive early access This initiative is a part of X's endeavour to expand its offerings beyond micro-blogging social media platform and transform it into a more comprehensive platform. Also Read | At least two killed, one injured after Russian shelling hits cafe in Ukraine’s northeast The Hiring feature is currently in its testing phase and provides verified organisations with the opportunity to post job listings on their X profiles. This feature is accessible exclusively to premium subscription holders, media reports said. As per reports, for a monthly fee of $1,000 (approximately Rs 82,300), verified companies can make use of this feature and gain a competitive advantage by advertising job roles on their X profiles. Streamlined recruitment process Other reports also said that the Hiring feature will allow companies to seamlessly import job data using supported Applicant Tracking Systems (ATS) or through an XML feed. Although the current offerings of the Hiring feature might not match the depth of features provided by LinkedIn, it presents an innovative proposition for companies looking to diversify their recruitment strategies. X's strategic integration Industry observers view this venture as a strategic move towards transforming X into an "everything app." This step demonstrates X's aspiration to broaden its influence and embrace various roles in the technology sector. Also Read | China sends ‘police experts’ to Vanuatu after pro-West PM loses power X's recently acquired Laskie, its first acquisition since Elon Musk's took over the micro-blogging site. Integrating Laskie's expertise could play a crucial role in developing and launching the new Hiring feature. Watch | NASA's supersonic passenger flights are getting closer × Enhanced visibility Companies with verified status will reportedly have the privilege of showcasing up to five job positions on their profiles, enhancing their visibility to potential candidates. This feature seeks to streamline the recruitment process and provide an additional avenue for companies to connect with potential talent. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Elon Musk unveils new job hiring feature on X for verified organisations

The Southern Indian state of Tamil Nadu, which is the 2nd largest economy and the top electronic goods exporter in India, will be hosting a Global Investors Meet in January 2024. According to the Tamil Nadu Government, the state has the largest number of factories and the largest workforce in India. To be held on the 7th and 8th of January, the Tamil Nadu Global Investors Meet 2024, is aimed at attracting high-tech industries, and investment in sectors that will generate large-scale employment opportunities.&nbsp;

"Since coming to power(in mid-2021), the Government has secured 241 investment projects valued at Rs.2.97lakh crore or USD$37bn and secured 415,000 employment opportunities" Chief Minister MK Stalin said. To consolidate its position and to attract further investments from global companies, the State Government is organising this Investors Meet, he added.

The global investors meet is expected to bring together industrialists, Micro Small and Medium Industries trade bodies, agriculturists, weavers and artisans from all districts of the state, the Government said. The core theme of the meet would be 'Towards a Resilient Economy, Sustainable Development, and Inclusive Growth'.&nbsp;

Chief Minister MK Stalin launched the logo of the event. A modified depiction of the Tamil alphabet(pronounced as 'Tha'), the logo signifies the language and the people of Tamil Nadu, and the progress towards growth and industrialisation.&nbsp;

Already well established as the 'Detroit of India' for its Automobile manufacturing sector and exports, Tamil Nadu also has been in the limelight for being among the states where contract manufacturers assemble Apple iPhones and other smartphones from leading brands. The state government recently announced that it had secured an investment of Rs.1600cr or USD200mn from Taiwanese firm Foxconn, for a new facility to assemble mobile phone components.&nbsp;

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The Southern Indian state of Tamil Nadu, which is the 2nd largest economy and the top electronic goods exporter in India, will be hosting a Global Investors Meet in January 2024.

The Southern Indian state of Tamil Nadu, which is the 2nd largest economy and the top electronic goods exporter in India, will be hosting a Global Investors Meet in January 2024. According to the Tamil Nadu Government, the state has the largest number of factories and the largest workforce in India. To be held on the 7th and 8th of January, the Tamil Nadu Global Investors Meet 2024, is aimed at attracting high-tech industries, and investment in sectors that will generate large-scale employment opportunities. "Since coming to power(in mid-2021), the Government has secured 241 investment projects valued at Rs.2.97lakh crore or USD$37bn and secured 415,000 employment opportunities" Chief Minister MK Stalin said. To consolidate its position and to attract further investments from global companies, the State Government is organising this Investors Meet, he added. The global investors meet is expected to bring together industrialists, Micro Small and Medium Industries trade bodies, agriculturists, weavers and artisans from all districts of the state, the Government said. The core theme of the meet would be 'Towards a Resilient Economy, Sustainable Development, and Inclusive Growth'. Chief Minister MK Stalin launched the logo of the event. A modified depiction of the Tamil alphabet(pronounced as 'Tha'), the logo signifies the language and the people of Tamil Nadu, and the progress towards growth and industrialisation. Already well established as the 'Detroit of India' for its Automobile manufacturing sector and exports, Tamil Nadu also has been in the limelight for being among the states where contract manufacturers assemble Apple iPhones and other smartphones from leading brands. The state government recently announced that it had secured an investment of Rs.1600cr or USD200mn from Taiwanese firm Foxconn, for a new facility to assemble mobile phone components. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Secured $37bn investment, 400K jobs in 2 yrs; Global Investors Meet in Jan 2024: TN govt

Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported.

MPL’s founders Sai Srinivas and Shubh Malhotra in a late Tuesday email thanked their employees while saying that the last month has been challenging and uncertain for the company.

“The new rules will increase our tax burden by as much as 350 to 400 per cent. As a business, one can prepare for a 50 per per cent increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” Mint quoted the email as saying.

Quoting sources, Mint reported that the company confirmed that layoffs would be effective at the entry level while MPL declined to make any statements.

“In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have seen since December when we turned EBITDA positive,” the email from the founders further said while addressing the additional costs leading to the large number of job slashes.

The Bengaluru-based startup is supported by Sequoia Capital, which led a $35.5 million fundraising round in 2019. In 2022, VCCircle reported that the firm had cut off 100 employees, or around 10 per cent of its workforce, stating that it would no longer pursue “growth at any cost” and would instead pursue “profitable growth.” It also left the Indonesian market that year.

Three fantasy sports platforms - DreamSports-owned Dream11, Games24x7-owned My11Circle, and Galactus Funware Technology-owned MPL - are among India’s top gaming corporations, and the industry is estimated to be worth $2-2.5 billion by the All-India Gaming Federation.

According to highly placed industry sources citing data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), M-League Private Limited, Galactus’ Singapore-based parent company, spent $92 million on advertising and promotional expenses in financial year 2022, an 81 per cent increase over financial year 2021. This increase in spending significantly contributed to its losses increasing threefold from financial year 2021 to $149 million in financial year 2022.

India decided to carry forward with the 28 per cent GST on the sector. To prevent or delay these enterprises from shifting their headquarters offshore and to protect their clients from the additional GST burden, the Council has suggested that even offshore entities offering such online money games to Indian consumers must register and pay GST. According to gaming companies, this could severely harm the sector.

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Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported.

Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported. MPL’s founders Sai Srinivas and Shubh Malhotra in a late Tuesday email thanked their employees while saying that the last month has been challenging and uncertain for the company. “The new rules will increase our tax burden by as much as 350 to 400 per cent. As a business, one can prepare for a 50 per per cent increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” Mint quoted the email as saying. Quoting sources, Mint reported that the company confirmed that layoffs would be effective at the entry level while MPL declined to make any statements. “In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have seen since December when we turned EBITDA positive,” the email from the founders further said while addressing the additional costs leading to the large number of job slashes. The Bengaluru-based startup is supported by Sequoia Capital, which led a $35.5 million fundraising round in 2019. In 2022, VCCircle reported that the firm had cut off 100 employees, or around 10 per cent of its workforce, stating that it would no longer pursue “growth at any cost” and would instead pursue “profitable growth.” It also left the Indonesian market that year. Three fantasy sports platforms - DreamSports-owned Dream11, Games24x7-owned My11Circle, and Galactus Funware Technology-owned MPL - are among India’s top gaming corporations, and the industry is estimated to be worth $2-2.5 billion by the All-India Gaming Federation. According to highly placed industry sources citing data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), M-League Private Limited, Galactus’ Singapore-based parent company, spent $92 million on advertising and promotional expenses in financial year 2022, an 81 per cent increase over financial year 2021. This increase in spending significantly contributed to its losses increasing threefold from financial year 2021 to $149 million in financial year 2022. India decided to carry forward with the 28 per cent GST on the sector. To prevent or delay these enterprises from shifting their headquarters offshore and to protect their clients from the additional GST burden, the Council has suggested that even offshore entities offering such online money games to Indian consumers must register and pay GST. According to gaming companies, this could severely harm the sector. WATCH WION LIVE HERE

Mobile Premier League to slash 350 jobs after 28 pc GST burden 

The founder and CEO of an Indian e-commerce&nbsp;firm named 'Dukaan'&nbsp;has come under fire from social media users after announcing on Twitter that his company had replaced 90 per cent of its customer care team with an artificial intelligence (AI) chatbot.

The decision was met with anger and criticism, with users expressing concerns about the impact on employees' livelihoods, reports&nbsp;NDTV.

In a tweet, the CEO defended his decision, stating that it was a necessary move to achieve profitability.

He highlighted the significant reduction in response time, from over two hours to just three minutes, and emphasised the cost savings associated with customer support, which had been reduced by 85 per cent.

He tweeted, "We had to lay off 90 per cent of our support team because of this AI chatbot. Tough? Yes. Necessary? Absolutely."

He further explained that given the current economic climate, startups were prioritising profitability over striving to become "unicorns," and his company was no exception.

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<blockquote class="twitter-tweet">
We had to layoff 90% of our support team because of this AI chatbot. 
 
Tough? Yes. Necessary? Absolutely. 
 
The results? 
 
Time to first response went from 1m 44s to INSTANT! 
Resolution time went from 2h 13m to 3m 12s 
Customer support costs reduced by ~85% 
 
Here's how's we did it 🧵
— Suumit Shah (@suumitshah) <a href="https://twitter.com/suumitshah/status/1678460567000850450?ref_src=twsrc%5Etfw">July 10, 2023</a></blockquote>
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<h2>Social media backlash</h2>

However, Shah's explanation did not resonate well with social media users.

Many criticised him for his insensitivity towards the employees affected by the layoffs. One user tweeted, "This is extremely disrespectful towards all the people who were laid off. And a founder is boasting about layoffs along with a new feature in the same thread? This leaves such a bad taste for everyone who knows Dukaan and has followed its journey."

Another user compared Shah's demeanour to that of a child delightedly enjoying a treat, expressing their disapproval of the CEO's attitude towards the layoffs.

Also read |&nbsp;<a href="https://www.wionews.com/technology/data-lab-india-and-ai-are-we-ahead-of-the-curve-588533">Data Lab | India and AI: Are we ahead of the curve?</a>

Some users raised concerns about the broader implications of AI chatbots replacing human workers. They voiced worries about a future where interactions would solely occur with machines, emphasising that human life was becoming increasingly entwined with technology.

Also watch |&nbsp;'AI to impact all sectors in India,' says Prof B Ravindran in conversation&nbsp;with&nbsp;WION

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One user commented, "What about AI's replacing businesses itself? We will soon live in the era of talking with machines only and living for machines. Human life has become machines, and now machines will be life itself soon by ordering us. Pity the employees and wish them a great future."

Additionally, doubts were raised about the effectiveness of AI chatbots in providing satisfactory responses. Users questioned whether the focus on quick responses undermined the importance of quality responses and expressed concerns about the potential erosion of brand loyalty. A user stated, "How can anyone think AI chatbots give better responses? Quick response vs. Quality response. Profitability will be short-lived. No brand loyalty will be there."

<h2>CEO's response and public sentiment</h2>

When asked about the assistance provided to the laid-off staff, Shah's response garnered further criticism.

He dismissed concerns, suggesting that people on Twitter were primarily interested in "profitability" rather than "sympathy." This reply was met with disappointment and condemnation from users who felt that Shah was lacking empathy towards those affected by the layoffs. A Twitter user wrote, "Laying off is never a pleasant experience, why is the need to proclaim and be proud about it."

This incident reflects a growing trend in the use of generative AI tools, like ChatGPT, to increase productivity and cut costs.

Reports have indicated that these tools have made workers anxious about the potential loss of jobs to technology.

A Goldman Sachs report published in March highlighted the possibility of AI replacing the equivalent of 300 million full-time jobs, reported the BBC.

In India, several companies are investing in AI to develop products, sparking concerns about job losses in various sectors.

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The founder and CEO of an Indian e-commerce firm named 'Dukaan' has come under fire from social media users after announcing on Twitter that his company had replaced 90 per cent of its customer care team with an artificial intelligence (AI) chatbot.

The founder and CEO of an Indian e-commerce firm named 'Dukaan' has come under fire from social media users after announcing on Twitter that his company had replaced 90 per cent of its customer care team with an artificial intelligence (AI) chatbot. The decision was met with anger and criticism, with users expressing concerns about the impact on employees' livelihoods, reports NDTV. In a tweet, the CEO defended his decision, stating that it was a necessary move to achieve profitability. He highlighted the significant reduction in response time, from over two hours to just three minutes, and emphasised the cost savings associated with customer support, which had been reduced by 85 per cent. He tweeted, "We had to lay off 90 per cent of our support team because of this AI chatbot. Tough? Yes. Necessary? Absolutely." He further explained that given the current economic climate, startups were prioritising profitability over striving to become "unicorns," and his company was no exception. We had to layoff 90% of our support team because of this AI chatbot. Tough? Yes. Necessary? Absolutely. The results? Time to first response went from 1m 44s to INSTANT! Resolution time went from 2h 13m to 3m 12s Customer support costs reduced by ~85% Here's how's we did it 🧵 — Suumit Shah (@suumitshah) July 10, 2023 × Social media backlash However, Shah's explanation did not resonate well with social media users. Many criticised him for his insensitivity towards the employees affected by the layoffs. One user tweeted, "This is extremely disrespectful towards all the people who were laid off. And a founder is boasting about layoffs along with a new feature in the same thread? This leaves such a bad taste for everyone who knows Dukaan and has followed its journey." Another user compared Shah's demeanour to that of a child delightedly enjoying a treat, expressing their disapproval of the CEO's attitude towards the layoffs. Also read | Data Lab | India and AI: Are we ahead of the curve? Some users raised concerns about the broader implications of AI chatbots replacing human workers. They voiced worries about a future where interactions would solely occur with machines, emphasising that human life was becoming increasingly entwined with technology. Also watch | 'AI to impact all sectors in India,' says Prof B Ravindran in conversation with WION One user commented, "What about AI's replacing businesses itself? We will soon live in the era of talking with machines only and living for machines. Human life has become machines, and now machines will be life itself soon by ordering us. Pity the employees and wish them a great future." Additionally, doubts were raised about the effectiveness of AI chatbots in providing satisfactory responses. Users questioned whether the focus on quick responses undermined the importance of quality responses and expressed concerns about the potential erosion of brand loyalty. A user stated, "How can anyone think AI chatbots give better responses? Quick response vs. Quality response. Profitability will be short-lived. No brand loyalty will be there." CEO's response and public sentiment When asked about the assistance provided to the laid-off staff, Shah's response garnered further criticism. He dismissed concerns, suggesting that people on Twitter were primarily interested in "profitability" rather than "sympathy." This reply was met with disappointment and condemnation from users who felt that Shah was lacking empathy towards those affected by the layoffs. A Twitter user wrote, "Laying off is never a pleasant experience, why is the need to proclaim and be proud about it." This incident reflects a growing trend in the use of generative AI tools, like ChatGPT, to increase productivity and cut costs. Reports have indicated that these tools have made workers anxious about the potential loss of jobs to technology. A Goldman Sachs report published in March highlighted the possibility of AI replacing the equivalent of 300 million full-time jobs, reported the BBC. In India, several companies are investing in AI to develop products, sparking concerns about job losses in various sectors. WATCH WION LIVE HERE:

AI replaces human workers: Indian CEO replaces 90% support staff with chatbot, internet outraged

The world of Artificial Intelligence changed forever on November 30, 2022, when OpenAI's ChatGPT went public. By December 5, it had over one million users. That was faster than Facebook, Instagram and Spotify – all of them took more than a month to reach the landmark – but slower than Meta’s latest offering Threads.&nbsp;

ChatGPT, which allows users to give a command to receive a response, has so far been the best use-case of generative AI, a subcategory of Artificial Intelligence that can generate new content, including audio, code, images, text, simulations, and videos.

Generative AI’s value to the global economy and human productivity has not been missed by analysts. A recent McKinsey &amp; Co report suggests that generative AI could add $2.6 trillion to $4.4 trillion in economic output annually. That's more than the United Kingdom’s entire GDP in 2021.

The report&nbsp;‘The economic potential of generative AI: The next productivity frontier’&nbsp;suggests that 75 percent of generative AI’s use cases boil down to four key work areas: managing customer interactions, generating content for marketing and sales, generating software codes, and optimising Research &amp; Development models.

The banking and retail sector are all set to gain the most from the proliferation of generative AI. According to the report, the full utilisation of generative AI can add up to $200 billion to $340 billion annually to the global banking sector. Similarly, the retail and consumer-packaged goods sector can add up to $660 billion every year.&nbsp;

Impact on labour productivity

Workers and companies continue to worry about the impact of artificial intelligence-driven automation on jobs. If the report is to be believed, they are not wrong either. "Half of today’s work activities could be automated between 2030 and 2060, with a midpoint in 2045, or roughly a decade earlier than in our previous estimates," says the report.

However, it also suggests that generative AI can end up shaping the way people work. The report estimates that Generative AI can potentially automate work activities that absorb 60 to 70 percent of employees’ time today.

Moreover, the report states that generative AI will have more impact on knowledge-intensive jobs, which have occupations with higher wages and educational requirements, than on other jobs.&nbsp;

Generative AI, the report argues, can substantially increase labour productivity, adding about 0.1 to 0.6 percent annually till 2040. However, generative AI's impact on productivity will largely depend on the rate of its adoption in the coming years.

What experts say&nbsp;

Blockchain and tech evangelist Sharat Chandra says that the only way to remain relevant amid the rise of generative AI is by upskilling oneself. "An AI ready workforce can help organizations optimise their current processes and explore innovative use cases," he says.

He also says that early adopters of generative AI across sectors have been leveraging large language models – the lifeblood of artificial intelligence – to offer better product discovery, recommendations,and enhance customer experience.&nbsp;

Speaking on the lines of Chandra, Jaideep Kewalramani, Head of Employability Business &amp; COO at TeamLease EdTech, says that the current workforce needs to up-skill, re-skill and re-invent itself immediately.&nbsp;

“The future workforce can become generative AI practitioners in tandem with their higher education journey and acquire skills like learning programming and algorithm design,” he says, adding that workers with cognitive skills like critical thinking and problem solving will be relevant in the AI-focused workforce.

Large-scale job losses are perhaps the biggest threat emerging out of the rise of generative AI. However, tech expert Jaspreet Bindra, founder of UK-based Tech Whisperer, feels that there won’t be a major impact of generative AI on jobs.&nbsp;

“Some job losses will be taken away, mostly lower-end. Certain tasks will be impacted around the world. Generative AI will not take anyone’s job. But anyone embracing it will take others’ jobs… Every technology has led to job creation too,” he says.&nbsp;

He adds that India and other developing countries will be less affected by the rise of generative AI, compared to the more advanced countries.&nbsp;

However, all three experts add that governments need to bring in enabling regulations to prevent the misuse of artificial intelligence, including generative AI.&nbsp;

The world of Artificial Intelligence changed forever on November 30, 2022, when OpenAI's ChatGPT went public. By December 5, it had over one million users. That was faster than Facebook, Instagram and Spotify – all of them took more than a month to reach the landmark – but slower than Meta’s latest offering Threads.

The world of Artificial Intelligence changed forever on November 30, 2022, when OpenAI's ChatGPT went public. By December 5, it had over one million users. That was faster than Facebook, Instagram and Spotify – all of them took more than a month to reach the landmark – but slower than Meta’s latest offering Threads. ChatGPT, which allows users to give a command to receive a response, has so far been the best use-case of generative AI, a subcategory of Artificial Intelligence that can generate new content, including audio, code, images, text, simulations, and videos. Generative AI’s value to the global economy and human productivity has not been missed by analysts. A recent McKinsey & Co report suggests that generative AI could add $2.6 trillion to $4.4 trillion in economic output annually. That's more than the United Kingdom’s entire GDP in 2021. The report ‘The economic potential of generative AI: The next productivity frontier’ suggests that 75 percent of generative AI’s use cases boil down to four key work areas: managing customer interactions, generating content for marketing and sales, generating software codes, and optimising Research & Development models. The banking and retail sector are all set to gain the most from the proliferation of generative AI. According to the report, the full utilisation of generative AI can add up to $200 billion to $340 billion annually to the global banking sector. Similarly, the retail and consumer-packaged goods sector can add up to $660 billion every year. Impact on labour productivity Workers and companies continue to worry about the impact of artificial intelligence-driven automation on jobs. If the report is to be believed, they are not wrong either. "Half of today’s work activities could be automated between 2030 and 2060, with a midpoint in 2045, or roughly a decade earlier than in our previous estimates," says the report. However, it also suggests that generative AI can end up shaping the way people work. The report estimates that Generative AI can potentially automate work activities that absorb 60 to 70 percent of employees’ time today. Moreover, the report states that generative AI will have more impact on knowledge-intensive jobs, which have occupations with higher wages and educational requirements, than on other jobs. Generative AI, the report argues, can substantially increase labour productivity, adding about 0.1 to 0.6 percent annually till 2040. However, generative AI's impact on productivity will largely depend on the rate of its adoption in the coming years. What experts say Blockchain and tech evangelist Sharat Chandra says that the only way to remain relevant amid the rise of generative AI is by upskilling oneself. "An AI ready workforce can help organizations optimise their current processes and explore innovative use cases," he says. He also says that early adopters of generative AI across sectors have been leveraging large language models – the lifeblood of artificial intelligence – to offer better product discovery, recommendations,and enhance customer experience. Speaking on the lines of Chandra, Jaideep Kewalramani, Head of Employability Business & COO at TeamLease EdTech, says that the current workforce needs to up-skill, re-skill and re-invent itself immediately. “The future workforce can become generative AI practitioners in tandem with their higher education journey and acquire skills like learning programming and algorithm design,” he says, adding that workers with cognitive skills like critical thinking and problem solving will be relevant in the AI-focused workforce. Large-scale job losses are perhaps the biggest threat emerging out of the rise of generative AI. However, tech expert Jaspreet Bindra, founder of UK-based Tech Whisperer, feels that there won’t be a major impact of generative AI on jobs. “Some job losses will be taken away, mostly lower-end. Certain tasks will be impacted around the world. Generative AI will not take anyone’s job. But anyone embracing it will take others’ jobs… Every technology has led to job creation too,” he says. He adds that India and other developing countries will be less affected by the rise of generative AI, compared to the more advanced countries. However, all three experts add that governments need to bring in enabling regulations to prevent the misuse of artificial intelligence, including generative AI.

Thinking beyond ChatGPT: Generative AI is a trillion dollar technology waiting to be tapped

British businesses are slowing down. Hiring analysts say this is reflective of the feeling of uncertainty among these firms on the economic outlook of the country.

Hiring in the UK slows down | Wage falls to lowest in 2 years

Ahead of World Refugee Day dozens of multinational companies have vowed to hire refugees from across Europe including more than 13,000 refugees from Ukraine over the next three years, on Monday (June 18). The pledge was made at a business summit in Paris organised by the Tent Partnership for Refugees, a global business coalition of over 300 companies.&nbsp;

<h2>Employment for refugees in Europe</h2>

A day before World Refugee Day, 41 companies including Amazon, Marriott, Accenture, Amazon, Starbucks, Microsoft and so on, have said they would hire, connect to work or train a total of 250,000 refugees out of which 13,680 would be getting jobs directly in those companies.

The pledges made on Monday amount to the single largest batch of commitments made in the history of the Tent Partnership for Refugees since it was founded back in 2016, reported CNN. &nbsp;

Kelly Clements, United Nations deputy high commissioner for refugees, on Monday said, “Every number is a story of an individual family who left everything, seeking safety, seeking protection and wanting to be able to rebuild as quickly as possible.”&nbsp;

She added, “So the commitments that businesses are going to make on Monday are absolutely essential.” According to the UN official, 110 million people have been displaced across the world out of which an estimated 12 million are from Ukraine and more than half of them live in Europe.&nbsp;

The event in Paris was organised by Tent Partnership for Refugees which is a nonprofit founded by Chobani CEO Hamdi Ulukaya which connects businesses and refugees. Notably, the group’s first summit was held last year in the United States and witnessed pledges to hire 22,725 refugees.

<h2>Which companies have joined the pledge?</h2>

The biggest pledge, on Monday, was made by Amazon which has vowed to hire at least 5,000 refugees in Europe over the next three years. This would be followed by Marriott and Hilton with 1,500 each, Starbucks and ISS with 1,000 each, reported the Associated Press. Meanwhile, brands like Adidas, L’Oreal, PepsiCo, Hyatt, and so on have made smaller commitments.&nbsp;

“This is good for us as a company because the opportunity to add diversity to our workforce will continue to make us a stronger company,” said Amazon Vice President overseeing human resources, Ofori Agboka, as quoted by AP.&nbsp;

He added that many of these jobs would be hourly roles at fulfilment and storage centres and in transport and delivery. This comes after the company announced mass layoffs and fired thousands of employees late last year. However, Agboka said that the job cuts primarily affected salaried office jobs.&nbsp;

Similarly, Marriott also said their jobs will predominantly be hourly positions like housekeepers, kitchen staff and front desk attendants. Marriott International CEO Anthony Capuano said, “We’re seeing record levels of demand for our properties across many markets here in Europe,” adding that the company is “hiring aggressively” to meet the rising demand, reported AP. 
 
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Ahead of World Refugee Day dozens of multinational companies have vowed to hire refugees from across Europe including more than 13,000 refugees from Ukraine over the next three years, on Monday (June 18).

Ahead of World Refugee Day dozens of multinational companies have vowed to hire refugees from across Europe including more than 13,000 refugees from Ukraine over the next three years, on Monday (June 18). The pledge was made at a business summit in Paris organised by the Tent Partnership for Refugees, a global business coalition of over 300 companies. Employment for refugees in Europe A day before World Refugee Day, 41 companies including Amazon, Marriott, Accenture, Amazon, Starbucks, Microsoft and so on, have said they would hire, connect to work or train a total of 250,000 refugees out of which 13,680 would be getting jobs directly in those companies. The pledges made on Monday amount to the single largest batch of commitments made in the history of the Tent Partnership for Refugees since it was founded back in 2016, reported CNN. Kelly Clements, United Nations deputy high commissioner for refugees, on Monday said, “Every number is a story of an individual family who left everything, seeking safety, seeking protection and wanting to be able to rebuild as quickly as possible.” She added, “So the commitments that businesses are going to make on Monday are absolutely essential.” According to the UN official, 110 million people have been displaced across the world out of which an estimated 12 million are from Ukraine and more than half of them live in Europe. The event in Paris was organised by Tent Partnership for Refugees which is a nonprofit founded by Chobani CEO Hamdi Ulukaya which connects businesses and refugees. Notably, the group’s first summit was held last year in the United States and witnessed pledges to hire 22,725 refugees. Which companies have joined the pledge? The biggest pledge, on Monday, was made by Amazon which has vowed to hire at least 5,000 refugees in Europe over the next three years. This would be followed by Marriott and Hilton with 1,500 each, Starbucks and ISS with 1,000 each, reported the Associated Press. Meanwhile, brands like Adidas, L’Oreal, PepsiCo, Hyatt, and so on have made smaller commitments. “This is good for us as a company because the opportunity to add diversity to our workforce will continue to make us a stronger company,” said Amazon Vice President overseeing human resources, Ofori Agboka, as quoted by AP. He added that many of these jobs would be hourly roles at fulfilment and storage centres and in transport and delivery. This comes after the company announced mass layoffs and fired thousands of employees late last year. However, Agboka said that the job cuts primarily affected salaried office jobs. Similarly, Marriott also said their jobs will predominantly be hourly positions like housekeepers, kitchen staff and front desk attendants. Marriott International CEO Anthony Capuano said, “We’re seeing record levels of demand for our properties across many markets here in Europe,” adding that the company is “hiring aggressively” to meet the rising demand, reported AP. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Dozens of big companies vow to hire, train over 250,000 refugees from across Europe

The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday.

The meeting followed US President Donald Trump's move last month to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm's global ambitions and ramping up the months-long trade battle between the two countries.

Earlier this week, the Chinese government summoned executives from American firms Dell and Microsoft and South Korea's Samsung, among others, to warn them that any moves to ramp down their businesses in China may lead to retaliation, The New York Times reported.

American companies were told "that the Trump administration's move to cut off Chinese companies from American technology had disrupted the global supply chain, adding that companies that followed the policy could face permanent consequences," the newspaper reported.&nbsp;

Companies based outside the United States were told that as long as they maintained business as usual, they wouldn't be punished, the newspaper reported.

Last Friday, Facebook announced it would cut Huwaei off from its popular social networking app to comply with the US sanctions, further isolating the company that has become the world's second-largest smartphone vendor.

Google made a similar announcement in May.

Washington and Beijing resumed their trade battle last month when negotiations in the US ended without a deal and US President Donald Trump raised tariffs on $200 billion in Chinese goods.

Beijing retaliated with its own tariff hike on billions of dollars worth of US goods.&nbsp;

The US move to cut Huawei off from American hardware came next, but was delayed by 90 days to prevent economic disruptions.

The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday.

The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday. The meeting followed US President Donald Trump's move last month to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm's global ambitions and ramping up the months-long trade battle between the two countries. Earlier this week, the Chinese government summoned executives from American firms Dell and Microsoft and South Korea's Samsung, among others, to warn them that any moves to ramp down their businesses in China may lead to retaliation, The New York Times reported. American companies were told "that the Trump administration's move to cut off Chinese companies from American technology had disrupted the global supply chain, adding that companies that followed the policy could face permanent consequences," the newspaper reported. Companies based outside the United States were told that as long as they maintained business as usual, they wouldn't be punished, the newspaper reported. Last Friday, Facebook announced it would cut Huwaei off from its popular social networking app to comply with the US sanctions, further isolating the company that has become the world's second-largest smartphone vendor. Google made a similar announcement in May. Washington and Beijing resumed their trade battle last month when negotiations in the US ended without a deal and US President Donald Trump raised tariffs on $200 billion in Chinese goods. Beijing retaliated with its own tariff hike on billions of dollars worth of US goods. The US move to cut Huawei off from American hardware came next, but was delayed by 90 days to prevent economic disruptions.

Facebook's parent company Meta eliminates jobs, sacks India's top executives

Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected. Retail sales have accelerated after end of Covid restrictions in December but they are still below forecasts. Factory output was lower than that in March as well.

China's economic activity has improved. But consumers are still uneasy about possible job losses. This has had an effect on less footfall in shops and restaurants.

"The pace of recovery has slowed sharply,” said Larry Hu and Yuxiao Zhang of Macquarie in a report. They have been quoted by Associated Press.

According to the numbers available, factory output rose 5.6 per cent than over a year ago. However, it was off 0.5 percentage points off from March. Investment in real estate, factories and similar fixed assets rose 4.7 per cent in first four months of 2023. However, it slowed 5.4 per cent from the first quarter.

“The recovery of demand is still insufficient,” said Fu Linghui, spokesperson for the National Bureau of Statistics.

“External demand has weakened” and exporters face a “complex and severe” environment, Li said at a news conference.

Fu Linghui was quoted by Associated Press.

Surveys have reportedly found that 20.4 per cent of potential urban workers between the ages of 16 and 24 are unemployed and that the unemployment figure was rising. According to Associated Press, this is a record.

“Stabilizing and expanding employment of young people will require continued hard work,” Li said.

Economic growth has accelerated to 4.5 per cent than the year earlier in three months ending in March. In the previous quarter, the growth was 2.9 per cent compared to the previous quarter. The Communist Party has kept 'around 5 per cent' as the annual target of the economic growth. Growth will have to accelerate in coming quarters if it is to hit the target.

“The bulk of China's rebound is now behind us,” Capital Economics said in a report. “The challenging global picture will prevent much pick-up in Chinese exports.”

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Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected.

Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected. Retail sales have accelerated after end of Covid restrictions in December but they are still below forecasts. Factory output was lower than that in March as well. China's economic activity has improved. But consumers are still uneasy about possible job losses. This has had an effect on less footfall in shops and restaurants. "The pace of recovery has slowed sharply,” said Larry Hu and Yuxiao Zhang of Macquarie in a report. They have been quoted by Associated Press. According to the numbers available, factory output rose 5.6 per cent than over a year ago. However, it was off 0.5 percentage points off from March. Investment in real estate, factories and similar fixed assets rose 4.7 per cent in first four months of 2023. However, it slowed 5.4 per cent from the first quarter. “The recovery of demand is still insufficient,” said Fu Linghui, spokesperson for the National Bureau of Statistics. “External demand has weakened” and exporters face a “complex and severe” environment, Li said at a news conference. Fu Linghui was quoted by Associated Press. Surveys have reportedly found that 20.4 per cent of potential urban workers between the ages of 16 and 24 are unemployed and that the unemployment figure was rising. According to Associated Press, this is a record. “Stabilizing and expanding employment of young people will require continued hard work,” Li said. Economic growth has accelerated to 4.5 per cent than the year earlier in three months ending in March. In the previous quarter, the growth was 2.9 per cent compared to the previous quarter. The Communist Party has kept 'around 5 per cent' as the annual target of the economic growth. Growth will have to accelerate in coming quarters if it is to hit the target. “The bulk of China's rebound is now behind us,” Capital Economics said in a report. “The challenging global picture will prevent much pick-up in Chinese exports.” You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

One in five Chinese is unemployed, reveals official data

The world economic forum has released its latest "future of jobs" report, which states that 14 million jobs may vanish in the next 5 years.

What the future of jobs report 2023 reveals

If you are a college student or just about to enter college or someone who is trying to switch careers then this report is for you. The latest World Economic Forum (WEF) report based on a survey of over 800 companies tells us about the hottest jobs across the world in next five years.

What are top jobs for next 5 yrs? Report says major job churn likely in these years

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs.

The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago.

On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency.

In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May.

"For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote.

"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years."

Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown.

The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management".

Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta.

It has been focusing on the metaverse, an&nbsp;online virtual world&nbsp;that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it.

(With inputs from agencies)

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US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing.

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago. On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency. In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May. "For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote. "I think we should prepare ourselves for the possibility that this new economic reality will continue for many years." Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown. The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management". Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta. It has been focusing on the metaverse, an online virtual world that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it. (With inputs from agencies) WATCH WION LIVE HERE

Meta announces second round of layoffs, to cut 10,000 jobs

KPMG has become&nbsp;the first among the world's four biggest accountancy firms to slash jobs in the US.&nbsp;Reports show KPMG is cutting close to 2% of its workforce in the US.&nbsp;The development comes amid a turbulent macroeconomic outlook.&nbsp;The darkening economic backdrop has pressured consumers and soured demand in several industries — including several financial firms, wall street banks, asset managers and big tech companies that have slashed jobs in the recent months.

According to a Financial Times report, the job cuts at KPMG will impact close to 700 employees.&nbsp;The report also showed&nbsp;that KPMG has been experiencing difficulties as a result of a decline in merger and acquisition (M&amp;A) activity, which has negatively impacted its deal advisory business and decreased demand for I-T and strategic consulting, along with the other Big Four firms EY, Deloitte, and PricewaterhouseCoopers (PwC).

ALSO READ | <a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

In an emailed response to Reuters, a spokesperson for KPMG said, "Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years."

According to the FT, KPMG tried to reduce costs by delaying the start date for new hiring, cutting travel expenses, and moving a number of advisory staff members to the audit and tax divisions of the company.

Media reports also show&nbsp;that many businesses over hired during the COVID-19 pandemic in the mistaken belief that the need for I-T consulting and deal advising work would remain the same.

KPMG stated that they have seen protracted uncertainty affecting certain aspects of their advising business that fuelled outsized growth in recent years.&nbsp;The consulting firm also mentioned how tough the activities were and how they affected people's lives.

According to the company, it is offering its employees a comprehensive benefits package that includes severance pay, health insurance, assistance for their mental health and wellbeing, career counselling, and possibilities for learning and growth.

The wave of mass layoffs that began with startups and internet companies in 2022 has since spread to a number of other industries, including the financial sector, which has recently reduced workforce.

Big Tech companies have reduced nearly 60,000 jobs last month alone, cutting back on the hiring spree which surged during the pandemic.

After a decade of explosive growth, Silicon Valley pivoted to a cost-cutting mode.

WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs

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Last year, the tech industry saw a record high of 1 in 4 layoffs, with the largest companies announcing further cuts in 2023.

Facebook owner Meta has termed 2023 as the&nbsp;"year of efficiency", reflecting the mood among large companies towards having a leaner organisation to lower costs.

After Facebook CEO Mark Zuckerberg dubbed 2023 as the "Year of Efficiency", the social media giant eliminated hundreds of staff and reduced expenditure plans.

Separately, last week, The Financial Times reported that Meta had put off finalising the budgets for several teams because it was getting ready to cut more jobs.&nbsp; 
 
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KPMG has become the first among the world's four biggest accountancy firms to slash jobs in the US. Reports show KPMG is cutting close to 2% of its workforce in the US.

KPMG has become the first among the world's four biggest accountancy firms to slash jobs in the US. Reports show KPMG is cutting close to 2% of its workforce in the US. The development comes amid a turbulent macroeconomic outlook. The darkening economic backdrop has pressured consumers and soured demand in several industries — including several financial firms, wall street banks, asset managers and big tech companies that have slashed jobs in the recent months. According to a Financial Times report, the job cuts at KPMG will impact close to 700 employees. The report also showed that KPMG has been experiencing difficulties as a result of a decline in merger and acquisition (M&A) activity, which has negatively impacted its deal advisory business and decreased demand for I-T and strategic consulting, along with the other Big Four firms EY, Deloitte, and PricewaterhouseCoopers (PwC). ALSO READ | Private equity firm Carlyle buys a majority stake in India's VLCC In an emailed response to Reuters, a spokesperson for KPMG said, "Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years." According to the FT, KPMG tried to reduce costs by delaying the start date for new hiring, cutting travel expenses, and moving a number of advisory staff members to the audit and tax divisions of the company. Media reports also show that many businesses over hired during the COVID-19 pandemic in the mistaken belief that the need for I-T consulting and deal advising work would remain the same. KPMG stated that they have seen protracted uncertainty affecting certain aspects of their advising business that fuelled outsized growth in recent years. The consulting firm also mentioned how tough the activities were and how they affected people's lives. According to the company, it is offering its employees a comprehensive benefits package that includes severance pay, health insurance, assistance for their mental health and wellbeing, career counselling, and possibilities for learning and growth. The wave of mass layoffs that began with startups and internet companies in 2022 has since spread to a number of other industries, including the financial sector, which has recently reduced workforce. Big Tech companies have reduced nearly 60,000 jobs last month alone, cutting back on the hiring spree which surged during the pandemic. After a decade of explosive growth, Silicon Valley pivoted to a cost-cutting mode. WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs Last year, the tech industry saw a record high of 1 in 4 layoffs, with the largest companies announcing further cuts in 2023. Facebook owner Meta has termed 2023 as the "year of efficiency", reflecting the mood among large companies towards having a leaner organisation to lower costs. After Facebook CEO Mark Zuckerberg dubbed 2023 as the "Year of Efficiency", the social media giant eliminated hundreds of staff and reduced expenditure plans. Separately, last week, The Financial Times reported that Meta had put off finalising the budgets for several teams because it was getting ready to cut more jobs. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

KPMG becomes the first Big Four consulting firm to cut jobs, fires 700 employees in US

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.&nbsp;

The company's plan to cut one in nine jobs is part of its global drive to cut costs.&nbsp;

The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe.&nbsp;

&nbsp;In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs.&nbsp;

&nbsp;Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe".&nbsp;

According to Ford, the job losses will result in a "leaner, more competitive cost structure".&nbsp;

<h2>Ford to cut 3200 jobs in Europe, aims to move some product development back</h2>

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"These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business.&nbsp;

"We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said.&nbsp;

The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe.&nbsp;

The European continent has seen considerable economic and political difficulties in recent years.&nbsp;

Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs.&nbsp;

The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers.&nbsp;

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US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles. The company's plan to cut one in nine jobs is part of its global drive to cut costs. The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe. In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs. Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe". According to Ford, the job losses will result in a "leaner, more competitive cost structure". Ford to cut 3200 jobs in Europe, aims to move some product development back "These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business. "We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said. The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe. The European continent has seen considerable economic and political difficulties in recent years. Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs. The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers. WATCH WION LIVE HERE

Ford to cut 3,800 jobs across Europe as focus shifts toward EV  

The Kingdom of Saudi Arabia bagged the top spot among Gulf countries that offered the most number&nbsp;of jobs to Indians in the year 2022. Saudi Arabia has the second-highest number of Indian expats after the United Arab Emirates. In the year 2022, Saudi Arabia provided 178,630 jobs to Indians. There was a five-fold increase in the figure as in 2021 and 2020 the numbers were 32,845 and 44,316 respectively.

The second country on this list is Kuwait which has seen a seven-fold increase compared to the year 2021. Bahrain was at last place with just 10,232 job offers.&nbsp;

The UAE, which hosted the highest number of Indians in 2018, continues to see a dip in recruitment. In 2018, UAE recruited 57,613 people while in 2019 it provided jobs to 45,712 Indians.

According to numbers with India's Ministry of External Affairs (MEA), nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries. An estimated 70 per cent of the Indian population in this region comprises of semi-skilled and unskilled workers. 20 to 23 per cent of Indian professionals are in 'white-collar' jobs like doctors, engineers, architects, chartered accountants, bankers and more.

“It is expected to grow manifold in the next few years,” said Mohammed Ashif, whose firm&nbsp;Expertise Contracting Company Limited caters to demand for workers in various sectors "The majority of our employees are from India,” he was quoted as saying by the Times of India.

(With inputs from agencies)

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The Kingdom of Saudi Arabia bagged the top spot among Gulf countries that offered the most number of jobs to Indians in the year 2022. Saudi Arabia has the second-highest number of Indian expats after the United Arab Emirates.

The Kingdom of Saudi Arabia bagged the top spot among Gulf countries that offered the most number of jobs to Indians in the year 2022. Saudi Arabia has the second-highest number of Indian expats after the United Arab Emirates. In the year 2022, Saudi Arabia provided 178,630 jobs to Indians. There was a five-fold increase in the figure as in 2021 and 2020 the numbers were 32,845 and 44,316 respectively. The second country on this list is Kuwait which has seen a seven-fold increase compared to the year 2021. Bahrain was at last place with just 10,232 job offers. The UAE, which hosted the highest number of Indians in 2018, continues to see a dip in recruitment. In 2018, UAE recruited 57,613 people while in 2019 it provided jobs to 45,712 Indians. According to numbers with India's Ministry of External Affairs (MEA), nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries. An estimated 70 per cent of the Indian population in this region comprises of semi-skilled and unskilled workers. 20 to 23 per cent of Indian professionals are in 'white-collar' jobs like doctors, engineers, architects, chartered accountants, bankers and more. “It is expected to grow manifold in the next few years,” said Mohammed Ashif, whose firm Expertise Contracting Company Limited caters to demand for workers in various sectors "The majority of our employees are from India,” he was quoted as saying by the Times of India. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Saudi Arabia tops list of Gulf countries giving employment to Indians in 2022

A Chinese automotive services firm's job posting in Sichuan province has made it crystal clear that pervasive ageism is here to stay.&nbsp;The vacancy post to fill a human resources position in a crystal clear and no-nonsense language stated, “The average age of the team should be less than 30 years old."&nbsp;

The presence of pervasive ageism in the job market of China is not new and has never remained hidden. However, recent developments suggest that the situation is becoming even worse. According to studies, many Chinese workplaces&nbsp;start cutting jobs for employees aged around 35.

ALSO READ | <a href="https://www.wionews.com/world/paypal-joins-silicon-valleys-layoff-wagon-announces-2000-job-cuts-557908">PayPal joins Silicon Valley's layoff wagon, announces 2,000 job cuts</a>

However, the recent victims have been the youngest jobseekers in China who are tackling age-related obstacles in their career paths amid tough competition in the ever-flooding labour pool of fresh university graduates.&nbsp;

Yang, a 31-year-old woman living in Shanghai, said that no response has been received by her from more than 100 firms to which she had applied for jobs in the last month. She laments how various companies have explicitly stated that they will only select candidates under the age of 30, and some even have dropped the age bracket to 27.&nbsp;

This is the age bracket of the youngest millennials, which reflects that elder members of Generation Z may struggle to find jobs in China.

Yang added that the companies also demand at least three years of work experience and a postgraduate degree, making it difficult for people to graduate and gain the required experience in the specific age bracket. Job seekers fear growing too old for jobs.

WATCH | Job seeker scared of online scam operations in Cambodia

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“This means that I would have had to work in my relevant industry soon after graduation, otherwise I could lose the entry ticket for my career. I’m concerned that the trial-and-error costs in job hunting will rise with age. I was already 27 when I graduated and have worked for only three years. If anything goes wrong, I may forever lose the chance to find my career path, with additional age limits," she added.&nbsp;

(With inputs from agencies)

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A Chinese automotive services firm's job posting in Sichuan province has made it crystal clear that pervasive ageism is here to stay. The vacancy post to fill a human resources position in a crystal clear and no-nonsense language stated, “The average age of the team should be less than 30 years old.

A Chinese automotive services firm's job posting in Sichuan province has made it crystal clear that pervasive ageism is here to stay. The vacancy post to fill a human resources position in a crystal clear and no-nonsense language stated, “The average age of the team should be less than 30 years old." The presence of pervasive ageism in the job market of China is not new and has never remained hidden. However, recent developments suggest that the situation is becoming even worse. According to studies, many Chinese workplaces start cutting jobs for employees aged around 35. ALSO READ | PayPal joins Silicon Valley's layoff wagon, announces 2,000 job cuts However, the recent victims have been the youngest jobseekers in China who are tackling age-related obstacles in their career paths amid tough competition in the ever-flooding labour pool of fresh university graduates. Yang, a 31-year-old woman living in Shanghai, said that no response has been received by her from more than 100 firms to which she had applied for jobs in the last month. She laments how various companies have explicitly stated that they will only select candidates under the age of 30, and some even have dropped the age bracket to 27. This is the age bracket of the youngest millennials, which reflects that elder members of Generation Z may struggle to find jobs in China. Yang added that the companies also demand at least three years of work experience and a postgraduate degree, making it difficult for people to graduate and gain the required experience in the specific age bracket. Job seekers fear growing too old for jobs. WATCH | Job seeker scared of online scam operations in Cambodia “This means that I would have had to work in my relevant industry soon after graduation, otherwise I could lose the entry ticket for my career. I’m concerned that the trial-and-error costs in job hunting will rise with age. I was already 27 when I graduated and have worked for only three years. If anything goes wrong, I may forever lose the chance to find my career path, with additional age limits," she added. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

China: Youngest millennials too old for jobs, booming Gen Z in demand now

Many tech giants, like Google, Amazon, and Dell, are firing staff members as a cost-cutting tactic to maintain the viability of the company. Zoom has now joined this list. Zoom's video conferencing services are what are failing to grow. Result? Layoffs. As the demand for video services has decreased in the post-pandemic world, Zoom Video Communications Inc (ZM.O) said on Tuesday that it will lay off&nbsp;around 1,300 of its&nbsp;employees.

Also Read | <a href="https://www.wionews.com/world/latvia-fire-erupts-at-us-drone-factory-that-built-drones-for-ukraine-military-nato-allies-559752">Latvia: Fire erupts at US drone factory that built drones for Ukraine military, NATO allies</a>

CEO Eric Yuan announced the layoffs, which will affect roughly 15% of the company's workers, and said he would forgo his bonus and accept a 98% salary reduction for the upcoming fiscal year. Earlier as well, shares of Zoom video fell to about 90% in comparison to October 2020 because of the pandemic boom fade out. Shares closed up 9.9% on the announcement of the news.&nbsp;

"We worked tirelessly... but we also made mistakes. We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," Yuan said. Yuan said that the laid-off employees will get salary of 16 weeks along with healthcare coverage and a bonus for the year.&nbsp;

In Pics | <a href="https://www.wionews.com/photos/in-pics-first-images-of-chinese-balloon-debris-pulled-from-atlantic-released-by-us-navy-559775">FIRST IMAGES of Chinese balloon debris pulled from Atlantic released by US Navy</a>

According to a regulatory filing made on Tuesday, Zoom will incur costs associated with the layoffs of between $50 million and $68 million. The business stated that the first quarter of fiscal 2024 will see the most of it spent.

Watch | Gravitas | <a href="https://www.wionews.com/videos/gravitas-putins-girlfriend-russian-media-a-weapon-of-war-559764">Putin's Girlfriend: Russian media a weapon of war</a>

The business's revenue growth has slowed after its video conferencing technologies helped it become well-known during lockdowns. Zoom increased recruiting during the pandemic to keep up with the high demand. However, the company is now joining businesses in cutting expenses to prepare for a future recession. The maker of video conferencing software also announced that over the same time period, its executive leadership team will see a 20% reduction in base pay.

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Many tech giants, like Google, Amazon, and Dell, are firing staff members as a cost-cutting tactic to maintain the viability of the company. Zoom has now joined this list.

Many tech giants, like Google, Amazon, and Dell, are firing staff members as a cost-cutting tactic to maintain the viability of the company. Zoom has now joined this list. Zoom's video conferencing services are what are failing to grow. Result? Layoffs. As the demand for video services has decreased in the post-pandemic world, Zoom Video Communications Inc (ZM.O) said on Tuesday that it will lay off around 1,300 of its employees. Also Read | Latvia: Fire erupts at US drone factory that built drones for Ukraine military, NATO allies CEO Eric Yuan announced the layoffs, which will affect roughly 15% of the company's workers, and said he would forgo his bonus and accept a 98% salary reduction for the upcoming fiscal year. Earlier as well, shares of Zoom video fell to about 90% in comparison to October 2020 because of the pandemic boom fade out. Shares closed up 9.9% on the announcement of the news. "We worked tirelessly... but we also made mistakes. We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," Yuan said. Yuan said that the laid-off employees will get salary of 16 weeks along with healthcare coverage and a bonus for the year. In Pics | FIRST IMAGES of Chinese balloon debris pulled from Atlantic released by US Navy According to a regulatory filing made on Tuesday, Zoom will incur costs associated with the layoffs of between $50 million and $68 million. The business stated that the first quarter of fiscal 2024 will see the most of it spent. Watch | Gravitas | Putin's Girlfriend: Russian media a weapon of war The business's revenue growth has slowed after its video conferencing technologies helped it become well-known during lockdowns. Zoom increased recruiting during the pandemic to keep up with the high demand. However, the company is now joining businesses in cutting expenses to prepare for a future recession. The maker of video conferencing software also announced that over the same time period, its executive leadership team will see a 20% reduction in base pay. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Zoom video struggles to thrive in post-pandemic world, announces 15 % staff layoff

As the electric vehicle manufacturer braces for an industry-wide pricing war, Rivian Automotive is laying off 6% of its workers in an effort to reduce expenses. The company is already dealing with declining cash reserves and a sluggish economy. According to Chief Executive R.J., the company is concentrating resources on increasing car manufacturing and achieving profitability.

Price war in electric vehicle space, EV maker Rivian to cut 6% of jobs

Despite being the world's fastest-growing economy, India is not creating enough jobs as India's urban jobless rate swells. Watch this report for all details.

India's urban jobless rate swells: India is the fastest-growing economy but not creating enough jobs

Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports.

While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay.

Amazon plans to cut about 1 per cent of employees in India as part of its larger layoffs accounting for about 6 per cent of its workforce worldwide, totalling 18,000 jobs.

ALSO READ|&nbsp;<a href="https://www.wionews.com/business-economy/uk-amazon-to-restructure-warehouse-operations-closures-put-over-1000-jobs-at-risk-551220">UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk</a>

The employees in India were informed of their layoff by email and were asked to meet the leadership group for more clarity on the situation on a specific date.

Many employees laid off by Amazon in India took to social media sites, like LinkedIn and Twitter, looking for new opportunities.

WATCH|&nbsp;WION Business News | Amazon to freeze corporate hiring

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The layoffs were across cities in India, including new hires and experienced employees, with loss-making teams the most affected.

A separate Reuters report last week showed surging job cuts would make 2023 a challenging year for workforce diversity globally.

In recent years, big global firms stepped up hiring and prioritised diversity, equity and inclusion. But deep cost cuts, including layoffs, are risking corporate diversity pledges globally, which took years to take shape.

(With inputs from agencies)

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Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports. While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay.

Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports. While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay. Amazon plans to cut about 1 per cent of employees in India as part of its larger layoffs accounting for about 6 per cent of its workforce worldwide, totalling 18,000 jobs. ALSO READ| UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk The employees in India were informed of their layoff by email and were asked to meet the leadership group for more clarity on the situation on a specific date. Many employees laid off by Amazon in India took to social media sites, like LinkedIn and Twitter, looking for new opportunities. WATCH| WION Business News | Amazon to freeze corporate hiring The layoffs were across cities in India, including new hires and experienced employees, with loss-making teams the most affected. A separate Reuters report last week showed surging job cuts would make 2023 a challenging year for workforce diversity globally. In recent years, big global firms stepped up hiring and prioritised diversity, equity and inclusion. But deep cost cuts, including layoffs, are risking corporate diversity pledges globally, which took years to take shape. (With inputs from agencies)

Amazon begins job cuts in India, promises to pay 5-month severance

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In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

The company anticipates restructuring costs to range between $149 million and $163 million.

More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession.

The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures.

The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny.

"We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters.

"We will be shutting down several projects where we have a lower probability of success."

Coinbase stated that it had nothing else to say regarding the programmes it intended to halt.

Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months.

This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles.

Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June,

In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year.

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In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters. The company anticipates restructuring costs to range between $149 million and $163 million. More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession. The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures. The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny. "We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters. "We will be shutting down several projects where we have a lower probability of success." Coinbase stated that it had nothing else to say regarding the programmes it intended to halt. Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months. This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles. Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June, In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year. WATCH WION LIVE HERE:

More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs

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