Shocker: 1 Lakh Employees To Be Fired In Single Company!

It is already known that the global job market has been taking a severe beating due to the prevailing market and economic situation. On one hand, we have the AI impact which is provide to be extremely significant and on the other, we have the constraining job market, which is declining every single day.

In this connection, we have the latest updates which are going viral where a single company is contemplating the area of firing one lakh of its employees globally.

The company in discussion here is one of the biggest automobile manufacturers in the world, Volkswagen.

Europe’s largest carmaker Volkswagen is considering cutting tens of thousands more jobs worldwide and shuttering up to four plants in Germany, Manager Magazin reported Friday. It is estimated that the company is speculating to cut around one lakh jobs globally with nearly 50% of them coming from Germany itself.

Volkswagen is already planning to cut 50,000 jobs across its brands in Germany by 2030 as it is struggling with high costs, US tariffs and fierce Chinese competition in electric vehicles. In total, the company is planning to let go off 1 lakh workers globally by 2030.

The company has a total of more than six lakh employees and it is preparing to lose 1/6 of this workforce in the form of layoffs that could be starting very soon.