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Dec 14, 2008

Lay-off watch: At least one job ticked off every 10 second

Nicolas Cage took just a minute to vanish away with one car in the 2000 Hollywood blockbuster 'Gone in 60 Seconds', but the jobs seem to be disappearing at a faster rate, with companies laying off at least one employee every 10 second to cut costs and fight the economic crisis.

So far in December, companies across the world have announced at least 1.15 lakh job cuts -- a figure which translates into an average of more than 8,200 people being laid off a day or about six every one minute (60 seconds).

In reel scenes, the plot might have been thrilling but in real sequences, the story is getting gloomy, with lay-offs happening across diverse sectors -- right from finance to electronics to mining, to name a few.

While the financial crisis cost more than 30,000 jobs in the first week of December, the number nearly trebled to touch about 85,000 in the following seven days.

More than one-third of the layoffs happened in the US, which has already seen a stunning 5,33,000 job losses in November alone.

Last week's layoff wave was led by banking firm Bank of America, which announced plans to axe 35,000 jobs in the coming months.

In terms of sheer numbers, Japanese electronics giant Sony Corp came next with 16,000 layoffs followed by mining major Rio Tinto, which is all set to trim its headcount by 14,000.

Adding to the global market woes, Swedish auto components maker SKF would be reducing its workforce by 2,500 employees and French telecom entity Alcatel-Lucent would be slashing 1,000 jobs.

Source : TheEconomicTimes

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