Reliance Industries layoffs
A shocking information has come to light amid the growing economic recession in the country and the world. Reliance Industries, the country’s giant, has undergone massive cost-cutting over the past year. In its annual general report, the company has said about the reduction in the number of employees.
The company said the total number of employees at Reliance Industries was 3,89,000 in fiscal 2023, which will decrease to 3,47,000 in 2024. Reliance Group has maximized cost reduction in the Reliance Retail vertical.
Mukesh Ambani-led Reliance Industries Limited laid off 42,000 employees in 2023-24, according to RIL’s annual report #Reliance #RIL #Layoffs https://t.co/WwiXjPe21J
— News9 (@News9Tweets) August 9, 2024
Disclosure of information in the company’s annual report
Reliance Industries cuts headcount by around 11% or 42,000 in FY24 According to RIL’s latest annual report, the number of new hires fell by more than a third to 1,70,000.
Biggest cuts in retail
A major part of the group’s workforce cuts was in the retail business, which accounted for about 60% of RIL’s workforce of 2,07,000 in the last financial year, up from 2,45,000 in FY23. Jio also reduced its workforce by 90,000 in FY24.
25,699 crore additional expenditure
Expenditure on facilities provided to employees increased by 3% to Rs 25,699 crore. That means the company has an additional burden
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Earlier, the company had earned a record Rs 18,951 crore in the January-March quarter. The company’s net profit has declined by 20 percent on a quarterly basis.
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