Melbourne, May 22: Australia-based telecommunication giant Telstra is planning to lay off around 2,800 employees as a part of cost-cutting measures, rising competition and inflation. Telstra layoffs will reportedly affect a tenth of the total workforce by the end of 2024. Telstra is the largest telecommunication firm in Australia, and the job cuts will be considered significant in the country and sector. Telstra provides around 22.5 million retail mobile services in the country and 3.4 million retail bundle and data services. The Melbourne-based company offers a full range of communications services and competes in all telecommunication markets.

Telstra layoffs will affect 10% of the company's workforce by the end of this year and company will stop the traditional annual inflation-linked price adjustment for mobile plans, according to a report by Business Standard. The report mentioned that the Telstra layoffs would cut 2,800 jobs as the company aims to streamline its operations and cut costs amid inflation and competition. The job cuts would reportedly be a part of the company's review of its 'network applications' and 'service business'. Pixar Layoffs: Pixar Animation Studios To Lay Off 14% of Its Workforce As Par of Broader Retrenchment To Stop Making Original Series for Disney+ and Focus on Feature Films.

As per a report, Telstra had over 31,000 as per the annual report of August 2023. The company expected to have AU$ 200 million to AU$ 250 million off restructuring costs in the fiscal year 2024-2025. Telstra CEO Vicki Brady said the layoffs would not affect retail customers; it was a "very hard day" for the company as the Telstra layoffs would be implemented in the enterprise business, according to a report by News9Live. This report also mentioned that the Telstra layoffs will most likely be finalised by the end of 2024.

The report emphasised that the CEO said that the harsh decisions had to be taken by the company to deal with the inflation, competitive market and higher energy costs. He also said these actions were difficult but necessary for sustaining and maintaining the telecommunication business. He added reportedly added that the Telstra layoffs would ensure the company's investment at a level to meet the requirements of the increasing demand for the company's connectivity. Paytm Layoffs Happening? CEO Vijay Shekhar Sharma Hints at Possible Job Cuts.

Slamming the decision to slash jobs, James Perkins, national assistant secretary at CWU (Communication Workers Union), said that the company did not inform the employees about the planned layoffs. James Perkins also added the union was unaware and blindsided by the Telstra layoffs. 

(The above story first appeared on LatestLY on May 22, 2024 05:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).