First phase of layoffs begin at Satyam Computers

Posted By: Staff
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Hyderabad, Jun 3: Tech Mahindra which holds major stake in fraud hit Satyam Computers started its first phase of layoffs in the company despite corporate affairs minister Salman Khursheed hinting of government intervention. Trainers, HR and sales & marketing executives are being singled out by Tech Mahindra, the new Satyam owners.

An official source said to media that the first phase of layoffs has started. "In the second phase, employees who have been on the bench for less than three months would go away. Some senior executives on the bench are being offered almost 50 pc of their salary or an option to go on a sabbatical. Several benched senior executives have moved out," he added.

Earlier Salman Khursheed had stated that the government will not turn a 'blind eye' on layoffs. However TechMahindra not yet has finalised how many of the 10,000 employees on the bench would be asked to leave. Employees from human resource, training and sales & marketing departments are being asked to go on a sabbatical for at least three months. They have not been given a joining date, either.

TechMahindra is scheduled to take a final decision on the issue on Jun 21.

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