Shock Of The Day: 1 Lakh Jobs Cut In Single Company?

Due to the ongoing AI revolution that is starting to change the global employment index, many companies have started to fire employees at an elevated rate. Now we are witnessing the case of a single company that is firing more than one lakh human workforce.

The company in discussion here is one of the biggest automobile manufacturers in the world Volkswagen as this massive manufacturing giant is contemplating the idea of firing more than one lakh people.

The German automaker's supervisory board approved the cuts yesterday, following months of tense negotiations with unions representing its 650,000-plus person workforce.

Volkswagen has been squeezed by growing competition from Chinese automakers, high energy prices, and the costly shift to electric vehicles. They have no collectively decided to fire more than one lakh workers globally, and this will affect their workforce in India as well.

Union leaders, who had resisted the scale of the cuts, agreed to the plan Thursday. So it should be a matter of time before the one lakh jobs would be executed by this German automobile manufacture in the days to follow.

This will go down as one of the biggest layout of operations within a single company in the recent history has more than one lakh people will be losing their job in a matter of few days.

More developments to this effect, including the possibility of the number of the layoff individuals in India could be emerging in the days to follow.