Non-banking financial company Home Credit India recently said that it has laid off about 1,800 employees due to the current coronavirus pandemic.
The company through an official statement said, “The unprecedented coronavirus pandemic has affected every aspect of our life. It has impacted each one of us, our families, our customers, partners and businesses. These trying circumstances have compelled us to revisit and re calibrate our business strategy keeping sustainability and business continuity in mind.”
“Unfortunately, this includes reducing the size of our team to meet the demands of these exceptionally challenging times. After careful deliberations, we have taken the difficult decision to reduce our headcount by 1,800 employees in India,” it said.
The company has assured these estranged employees of support in outplacement for the next 12 months. However, the company did not share any severance pay details.
“It is a tough decision and as an organization and the company will try to help the impacted people in getting new opportunities. For the next 12 months, Home Credit India’s talent acquisition team will actively support these employees,” read the statement.
“We are confident that we shall come through these unfavourable times to achieve our goals of driving credit penetration and financial inclusion through solutions that are simple, transparent, and accessible to all,” it added.
Layoffs in the Indian job market have become everyday news since the COVID-19 outbreak. The already struggling slow paced Indian economy took a severe blow due to the coronavirus outbreak in the country and the subsequent lockdowns.
Earlier this month, many companies including Indiabulls Home Finance, HDB Financial Services, Uber, Ola and Swiggy have laid off employees due to the slowed business growth owing to the pandemic.
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