IT services provider EPAM Systems has laid off around 100 Indian employees, various media sources reported today.
The Pune-based company mostly laid off employees who were not tagged to any specific project. In a massive move, the firm also revoked offer letters to others who were about to join the NYSE-listed firm over the next few months, as reported by The Economic Times.
Staff across testing, .Net, DevOps, and Java domains in both firms — EPAM Systems and EPAM Anywhere — have been asked to resign from their position. They were communicated on Microsoft Teams
The staff has been given two options - one with three months' pay with immediate exit, another that they can serve two months' notice, where their resignation can be revoked if they land any project during the notice period.
The company's human resources also told the employees that the firm over-hired, misjudging the demand forecast. The HR managers added that they can't fund any projects for onboarding in the near future.
The layoffs are being done in a staggered manner over the last few weeks, mostly from EPAM Anywhere, and a few from EPAM Systems, two people aware of the development told ET.
Candidates from more than over 20 countries under EPAM Anywhere are offered IT jobs that are remote by design. After joining, the candidate can work from anywhere in the country, which is the employee's permanent residence.
According to EPAM Systems 2021 annual report, it had 4,349 professionals in India, the largest after Ukraine, Belarus, and Russia.
Various media sources also reported that dropping Indian staff could be because of a lack of resources as the company could have rehired some of its impacted Ukrainian employees who are now working out of nearby countries like Poland and Romania.