OLX, Intel, Impossible Foods, and Philips layoff globally

Challenging global macroeconomic environment and a need to reduce costs lead several companies to recourse to layoffs.

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Intel is cutting 340 jobs at its Folsom, California campus, as informed to state and local officials.  

The layoff is announced due to a ‘challenging macroeconomic environment’. In a statement, the company said that it is seeking cost reductions and efficiency through various initiatives, including workforce reductions across the company. 

The company says it is committed to treating impacted employees with respect and dignity. The layoffs were announced in a Worker Adjustment and Retraining Notification (WARN) notice, as required by the WARN Act which mandates employers to give 60 days notice to workers and state officials for mass layoffs. 

The company sent its first WARN Act notice on December 2, announcing it would lay off 111 workers at its 1900 Prairie City Drive facility starting January 31. 

Impossible Foods, the producer of meatless burgers and sausages, is planning to lay off approximately 20 per cent of its workforce, according to a source. The Redwood City, California-based company has a current employee count of 700, which could decrease by over 100 with the upcoming job cuts.

A source stated that Impossible Foods has also offered voluntary separation payments and benefits to employees who choose to leave at the end of 2022. This information was confirmed through an internal document viewed by Bloomberg. The company previously reduced its headcount by 6 per cent in October.

Along with that, OLX spokesperson issued a statement saying the company is taking steps to reduce its costs in light of macroeconomic conditions. 

OLX Group has announced layoffs for 15 per cent of its global workforce, as demand for its offerings slows, according to a financial daily report.

Meanwhile, Healthcare tech company Philips is also cutting 6,000 jobs following its layoff of 4,000 employees in October 2022. The losses incurred by the return of faulty sleep respirators prompted the company to reduce its workforce.

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