Earlier this year, cellular companies Vodafone and Idea announced a $32.2 billion worth merger in their India operations. Prior to the merger, the nodal team managing the merger had advised the companies to reduce their workforce to 15,000.
Now that the companies have merged, they will have to let go at least 5,000 employees in the coming months.
It has been heard that both the telecom companies will have to cut down their staff from 1,800 to about 1500-1600. The remaining employees may get absorbed by the parent company post the merger.
The parent company will also manage the promotions and appraisals. It is also said that this year the company would take time to settle in the market and hold all the hikes. Due to this, The companies are expecting a loss of employees which will automatically lead to a reduction in the workforce.
Apart from this 5,000 job loss, the employees are also expected to leave the companies in the near future. The parent company had stated that they will look after the welfare of their employees with employee packages and interests and quoted that all employees will be treated with respect.
Vodafone-Idea merger has turned out to be the worlds largest telecom company with the union target of $10 billion synergy benefits from both the sides.