COVID-19 IMPACT: TATA GROUP TO LAY OFF HUGE NUMBER OF EMPLOYEES - REPORT!

The Tata Group plans on eliminating jobs at some businesses in order to overcome the fall in profit due to the coronavirus pandemic. This way, the conglomerate is looking at saving fixed costs.

The group has already had to suspend businesses such as aviation, aerospace, and automotive. They have also began employing workers on contract at various facilities. After watching their profits dip in the fourth quarter, the company said, “There are widespread opportunities to cut costs across the organisation and all actions will be taken with prudence.”

The labour union at Netherlands have already planned on slashing 9,000 jobs at the site. Similarly the company is looking to axe jobs at the domestic levels. “With the advent of COVID-19, we are closely monitoring the situation and assessing its impact on the real estate industry and on the company,” said a Tata spokesperson.

The conglomerate has 30 companies across 10 different markets. A total of 7.2 lakh people in India and outside the country are employed with the Tata Group of companies.