Mumbai, September 11: Samsung Electronics is planning to cut the workforce as business slows down in India. The layoffs in India are expected to impact nearly 200 executives across various departments. The South Korean giant has reportedly been struggling with its operations in India and achieving the expected business.

Hindustan Times reported that Samsung will lay off around 9-10% of its managerial workforce. The report mentioned that Samsung Electronics has been struggling to attract customers and facing slow growth due to lower demand. The Samsung India layoffs will affect businesses like smartphones, consumer electronics, support functions, home appliances, etc. Flipkart To Create Over 1 Lakh Jobs by Opening 11 New Fulfilment Centres Ahead of Festive Season, To Prepare for ‘Flipkart Big Billion Days 2024’.

The report said the employees affected by the job cuts will get three months of salary as per Samsung's employee contract and one month of severance package for every year of service. Amid the struggles, one of the rival company's chief executive officers said that he received "frantic calls" and resumes from senior executives from Samsung India.

The CEO of a rival company reportedly said that the senior executives were even ready to join at a substantially lower salary than what Samsung was paying them. Recently, Samsung's Chennai factory workers started an "indefinite strike" for the third day. This action caused the company to suffer in the production of TVs, washing machines, and refrigerators ahead of the festive season. Bending Spoons Layoffs: Italy-Based App Developer Company To Lay Off 75% of WeTransfer Employees Post Deal; Check Details.

The report mentioned that Samsung still tried to manage production with a lower employee count, around 50-80% of its capacity. This marks another round of layoffs happening this year across the tech industry worldwide and in India. The decision has already impacted more than 200 senior employees and all operations in India. This year, Intel, Meta, Paytm, Dell, Microsoft, Google, Tesla, Elon Musk's X and several other companies working in tech industry cut jobs amid restructuring, slow demand and economic slowdown.

(The above story first appeared on LatestLY on Sep 11, 2024 11:37 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).