Corona virus epidemic outbreak has become problematic for the whole world. Most powerful countries in the world are in bad shape. The GDP growth record is at a low level. Apart from this, unemployment is the highest in India. Things have become so bad that big and reliable companies in India are now laying off employees.
Health and fitness startup Cure Fit started by Flipkart, and Myntra has faced huge losses in their business. Cure fit has fired more than 1000 employees from its many centers in the country. According to the reports, the company has forcibly asked for resignation from its managers, fitness trainers to even cleansing staff.
Just days after when Gold’ gym filed for bankruptcy; several other companies are on a path to fule for the same. Another US company JC penny is now preparing to file for bankruptcy which can lead to the closure of its stores worldwide including in India.
In India, IT companies like Infosys, TCS and Google won’t fire people, but they won’t hire new people either. Airbnb, a company, appended to the hotel, transport division, has prepared to lay off about 1900 employees, which is 25 percent of the company’s workforce. The Coronavirus has wholly ruined the travel industry. Last month, the company told its employees that recruits are banned.
According to the report released by ADP, which provides information on the employment situation, there is no sector in the world’s largest economy in which there is no job cut. Last month, 86 lakh employees got unemployed in the hotel sector worldwide. Thirty-four lakh employees lost jobs in areas like trade, transport and logistics. Construction companies showed the way out to 2.5 million employees. At the same time, manufacturing companies laid off 1.7 million employees. The unemployment rate in India can go high in the coming days as the recession period is approaching us.