Reuters said that about 3,600 outsourced workers, or about 6%, lost their jobs in the March quarter. The Indian Staffing Federation is a group of 120 staffing agencies that provided about 60,000 outsourced workers.
In India, layoffs have been in the news a lot this year, and most of them seem to be in the information technology sector.
A recruitment group says that almost 6% of outsourced contract workers in India’s IT sector lost their jobs from January to March compared to the previous quarter. This was because of the effects of the global slowdown and the war between Russia and Ukraine.
Also, read 3 HCL Employees ask Court to Grant Death
Reuters said that about 3,600 outsourced workers, or about 6%, lost their jobs in the March quarter. The Indian Staffing Federation is a group of 120 recruitment agencies that provided about 60,000 outsourced workers.
Bhatia said that the number of contract workers hired through a third party in the software industry may stay low for the next few quarters. This is because the number of contract workers hired through a third party fell by 6% from the previous quarter to the March quarter.
It’s also important to note that India’s unemployment rate rose for the fourth month in a row, from 7.8% to 8.1% in April, according to the Centre for Monitoring Indian Economy in Mumbai (CMIE).
Also, check Wipro and HCL engineer jump from building during the same week | Why?
The Federation said that overall demand for flexible workers has slowed down in other sectors as well. In the financial year 2023, which ends in March, vendors added 1,77,000 jobs, compared to 2,30,000 workers in the year before.
Also, check After firing 600 freshers, Infosys launches Topaz, a ChatGPT
