Samsung Layoffs: Tech Giant Cutting Thousands of Overseas Jobs To Improve Overall Efficiency, Starting From Southeast Asia to Australia and New Zealand
Samsung Electronics is planning to lay off thousands of employees as a part of its plans to improve the overall efficiency. The Samsung layoffs will hit Southeast Asia, Australia and New Zealand markets.
Mumbai, October 2: Last month, Samsung Electronics Co. announced that it would reduce 30% of its global workforce to improve overall efficiency. The layoffs were set to affect nearly 1,000 employees working overseas. Samsung Electronics Co. said that the layoffs would be a routine exercise and aimed to help the company improve its efficiency. As part of the layoffs, Samsung also cut nearly 10% of the Indian workforce before the festive season could begin.
Bloomberg reported that Samsung global layoffs would be implemented, affecting thousands of employees amid the struggles faced by the company in the AI market. The layoffs would reportedly begin in Southeast Asia and Australia. The workforce reductions would affect hundreds of jobs in these regions. Samsung layoffs would also hit New Zealand staff as the company planned to reduce thousands of people as a part of a global plan. Samsung India Layoffs: Samsung Electronics To Lay Off Around 9–10% of Its Total Workforce Ahead of Festive Season Amid Poor Demand.
The report said that the job cuts in those markets would impact around 10% of the workforce; however, the numbers could vary. Samsung employs around 2,67,800 employees in total, out of which 1,47,000 are working overseas. The Samsung layoffs will only impact the global workforce and not those who are working in the homeland.
The report said that Samsung's Singapore staff members were called into a private meeting with HR and reporting managers on October 1, 2024. The company informed them about layoffs and shared details of their severance packages. According to reports, the company did not set a particular target number of people that it would lay off but did routine workforce adjustments to improve its overall efficiency, said a Samsung spokesperson. Samsung Global Layoffs: Tech Giant To Reduce 30% of Its Overseas Workforce, Lay Off Around 1,000 Employees in India.
Reports suggested that Samsung had been facing challenges in the global market regarding artificial intelligence chip making. The company's shares fell 20% in 2024, and it was also left behind the rival SK Hynix. Samsung India layoffs affected 10% of staff, and layoffs introduced in some parts of Latin America also affected several people. Samsung is also facing strikes in South Korea from the unions over workers not getting wages.
(The above story first appeared on LatestLY on Oct 02, 2024 09:43 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).