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Covid-19 crisis: India Inc reaches for pink slips as cash flow dries up

Senior staff of all the top groups have taken salary cuts up to 20 per cent to preserve jobs at the bottom of the pyramid.

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Raymond has let go of 800 of its 7,000 employees in the past few weeks.

Dev Chatterjee Pavan Lall Aneesh Phadnis Mumbai

4 min read Last Updated : May 29 2020 | 2:55 AM IST

After layoffs in the gig economy, India Inc is gearing up for firings in the manufacturing, airline, hospitality and financial services sectors. Large financial companies with customer service departments and back-office operations, are likely to see employee cuts, say head hunters and chief executive officers.

While textile firm Raymond, financial services major Indiabulls, Thomas Cook, and SOTC are already in the process of trimming staff, large conglomerates like Tata Group, Aditya Birla Group, and Reliance Industries have refrained from doing so till now. Senior staff of all the top groups have taken salary cuts up to 20 per cent to preserve

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