New Delhi: EPAM Systems —an American IT services provider has sacked nearly 100 Indian employees —mostly those who were not tagged to any specific project, said reports. Besides, the company has also revoked offer letters to others who were about to join the NYSE-listed firm over the next few months.Also Read – Hirings Cancelled: Wipro, Tech Mahindra And Infosys Revoke Offer Letters of Freshers. Deets Here
The company asked the employees to resign on Microsoft Teams and gave them two options— (1) Immediate exit with three months’ pay; (2) Serve two months’ notice, where their resignation can be revoked if they land any project during the notice period, reported The Economic Times. Also Read – What Is Inflation? Explained in 10 Points
On the other hand, the HR managers told the staff that they had over-hired, misjudging the demand forecast and they are unable to fund any projects for onboarding in the near future. The layoffs come amid recession fears and rising inflation.
Earlier, top IT and tech firms like Wipro, Infosys and Tech Mahindra have reportedly revoked offer letters given to students after delaying their joinings by nearly three-four months.
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