Employees continue to lose jobs worldwide

Jobs are being cut in almost all sectors, from manufacturing to media and publishing

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In Melville, US, the Newsday Media Group is all set to layoff a significant number of employees in the IT, advertising, marketing, security and operations planning departments. The media company has a 650-strong workforce, which is now being cut down as advertising revenue has dropped drastically due to the pandemic.

These job cuts will help the Company attain some level of stability. While some employees will be asked to stop working w.e.f from end of January, some will work till March 2021. The full-time staff will be given severance of two weeks’ pay for each year of their tenure, up to a maximum of 52 weeks of pay and a minimum of three months’ pay, for staff who have served for less than year. Health insurance for three months and outplacement service will also be provided.

The media industry in the US reportedly witnessed over 30,000 job cuts in 2020.

Meanwhile, in Denmark and Britain, Vestas, the wind-turbine manufacturing company, is reducing its staff to integrate its onshore and offshore operations. It will lay off about 220 people.

In October 2020, the Company had revealed its plan to take full ownership of its joint venture with Mitsubishi Heavy Industries as part of a $838 million deal to accelerate growth in offshore wind.

In Israel, McAfee is slashing about 60 jobs as it gears to shut down its Israeli development centre. The platform-security company, headquartered in San Jose, will move its Israeli operations overseas to cut costs. In order to do this, it will let go about 60 employees from the R&D department and about 10 from the sales team of its Tel Aviv centre.

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