'Manufacturing jobs dry up after firms axed 30% workers in 2016'

TeamLease Services expects firms to continue cost cutting; 40% employees face job losses in 2017

Major manufacturing firms axed around 30 per cent of their staff in 2016 with levels of retrenchment expected to reach 40 per cent in 2017, according to the country's largest human resources (HR) services firm-- TeamLease services.
 

In an internal assessment of its over 2,500 corporate clients, the Fortune 500 company has found out that entry-level jobs face the maximum risk as companies continue with their cost cutting measures amid concerns over low growth.

Latest macro economic figures suggest the nation's economic growth declined to a three-year low at 5.7 per cent in the first quarter of FY18.