Mukesh Ambani's Reliance lays off 42,000 staff in FY24; Netizens quip 'salary spent on wedding'
The most substantial job cuts took place in Reliance Retail, led by Isha Ambani Piramal. The retail arm's workforce shrank from 245,581 employees in FY23 to 207,552 in FY24, accounting for nearly 60% of the conglomerate's total staff.
FollowReliance Industries Limited (RIL) has undertaken a significant reduction in its workforce, cutting 42,000 jobs as part of a cost-efficiency drive in the fiscal year 2024. This represents an 11% decrease in the company's talent pool. According to the company's annual report, Reliance's employee strength has decreased from 389,414 in the previous year to 347,362 in FY24, marking a reduction of over a third.
The most substantial job cuts took place in Reliance Retail, led by Isha Ambani Piramal. The retail arm's workforce shrank from 245,581 employees in FY23 to 207,552 in FY24, accounting for nearly 60% of the conglomerate's total staff. Despite these reductions, the report notes that the overall number of voluntary separations in FY24 was lower than the previous fiscal year.
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The announcement of these layoffs has sparked a wave of reactions on social media, with many users linking the job cuts to the extravagant wedding celebrations of Anant Ambani and Radhika Merchant. The wedding, which reportedly cost Rs 5,000 crore and was followed by several pre-wedding and post-wedding events, has been a topic of public discussion.
One social media user sarcastically remarked, "The cost of the wedding of the century," in response to the news of the layoffs. Another quipped, "Sabki salary shaadi mei laga di" (All salaries were spent on the wedding). Other comments included, "42,000 job cuts due to high cost of confettis!" and, "Layoffs are to mitigate the Great Ambani Wedding Costs," reflecting a critical view of the company's cost management in light of the high-profile wedding expenses.
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