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Siemens Ltd Lays Off 200 Staff To Cut Costs-Business Standard

Thursday, 20 Jun 2013 08:15am EDT 

Business Standard reported that Siemens Ltd has laid off over 200 employees across various units in the country amidst uncertain business environment and sharp drop in profit. Siemens is looking to offer pink slips to another 400 employees, said an executive familar with the cost rationalisation drive. Most of the persons laid off are in junior management and officer category from both technical and non technical departments and from factories across various factories and offices in Kalwa (Mumbai), Kolkata and Vadodara. Several of them who have been sacked are over 50 years and only with few years of service left. No union members have been sacked, it is learnt. The lay-offs have mostly been in switch-gear and transformer divisions where business has slowed down.Siemens' downsizing move is not unique to India. Globally, Siemens has undertaken a massive exercise to simplify processes, remove redundant functions and review units not making profits to cut costs by $7.8 billion by 2014. 

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