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Two major tier-1 vendors in Hyderabad are getting the ground ready for a
major round of layoffs. Employees are being asked to go on forced leaves’
with a promise of half their salaries paid. Some employees are asked to
take cuts in their take home pays. Others are being requested by clients to
take “billing holidays.” This means that their “variable pay”
portion of the salary will be cut by as much as 25%! The mood is one of
total pessimism and fear. A prominent IT company in Madhapur has asked over
60 people to leave today over “perceived irregularities” in medical
bills – submitted 8 months ago in February!! Employees are receiving
mails asking for bills for trips they made 2 years’ ago. What is
surprising is, most of these companies which are conducting these "flash
audits" are flushed with cash. Analysts here observe that these companies
are using this meltdown as an opportunity to cut down some corporate flab.
Even employees from profit-making accounts are not spared. According to
employment agencies, the situation is likely to worsen as the year draws to
close.
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