New Delhi, 14 April (IANS). Veteran Ferma Company Dr. Reddy’s Laboratories is allegedly cutting their expenses on employees by about 25 percent and have decided to take employees with a package of more than Rs 1 crore annually. This information is given in media reports.
In addition, the company has also allegedly offered voluntary retirement to employees aged 50-55 years of its Research and Development Department.
Reports said that many high -paying employees of various departments have already been asked to resign.
This step by the company has been taken amid on continuing efforts to increase operating efficiency.
IANS contacted Dr. Reddy’s in this regard, but no response was received until the news was written.
It is believed that the company has decided to cut spending on employees due to the recently launched new initiative performance.
It is believed that the company will save Rs 1,300 crore by cutting the cost of workforce by 25 percent.
In the third quarter of FY 2024-25, Dr. Reddy’s spent Rs 1,367 crore on employees. This figure is seven percent more than Rs 1,276 crore in the same period of FY 2023-24.
In the financial year 2023-24, the company had given jobs to 6,281 people and invested Rs 39.2 crore in training and development, causing the total employee profit expenditure to reach Rs 5,030 crore. In FY 2023-24, the average employee salary increased by seven percent.
Sorting is increasing globally, due to probably increasing economic uncertainty and AI use.
Bombay Shaving Company CEO Shantanu Deshpande said that employees between the age of 40-49 are more affected during large-scale trimmed, as they usually earns the highest salary.
According to Deshpande, it is a growing concern in the corporate world. He recently said in a post on Instagram, “When there is a large -scale pruning, people aged 40 are the most vulnerable, as they get the highest salary.”
He said that this trend is not only in India or any one country, but is growing globally. This is due to economic instability and increase in the use of artificial intelligence.
-IANS
ABS/Ekde
