Pink slips in abundance
According to a survey conduced by the Labour Bureau on request of the government of India, half a million jobs were lost during October 2008 and December 2008 in India. Employment in India was estimated to have declined from 16.2 million in September 2008 to 15.7 in December 2008. The survey also suggested that employment declined in every month of the period under study, with an average rate of 1.01 per cent of decline per month. Estimates for January 2009 showed that the non-export sector, which was relatively less affected than the export sector previously, was also under the hammer of economic crisis. Rate of decline in employment in non-export segments of IT/BPO sector was much higher than the export segments. Moreover, given the limited size of the sample, there was a possibility of underestimation of actual decline in employment. Also, it must be noted that the estimates were limited to the organised sector of the economy, which consists of even less than 10 per cent of total labour force. All these indicate a phenomenon of job-loss that has been much more massive.

While Jet Airways laid off its cabin crew in phases, Sportswear maker Nike Inc reduced nearly 1,750 jobs, representing nearly five per cent of its global workforce, as part of its restructuring efforts.

In October 2008, Jet Airways in one go sacked 1,900 employees but only to take them back the very next day with its chairman Naresh Goyal saying he did not want to see "tears in their (employees) eyes".

Reports also suggest that Satyam Computer Services, which is now controlled by Tech Mahindra, also laid off 12,000 to 14,000 employees. Consulting and outsourcing firm Capgemini has also handed pink slips to nearly 100 employees at its Chennai centre. The pink slips were issued for employees mostly in the middle management positions. This comes on the back of reports that said Capgemini sacked 600 employees in Hyderabad and Pune. Software giant Microsoft also fired 5,000 employees including 55 in India, with a statement that it may look at more layoffs if the economic downturn dramatically worsens again. According to reports, world's largest steel maker ArcelorMittal has laid off nearly 1,000 workers at a northwestern Indiana plant as part of a temporary shutdown of the mill's iron-producing operations.