Hewlett Packard, HP, will layoff about 27,000 employees, or 8 percent of its workforce as of October 31, 2011, over the next two years as part of restructuring to boost declining profits and revenues. HP, which has more than 300,000 employees across the world, has been struggling with demand of PCs and printers. The workforce reduction would generate an annual savings in the range of $3-3.5 billion by the end of the 2014 fiscal year. The job cut will include an early retirement programme and workforce reduction plans will vary by country, based on local legal requirements and consultation with works councils and employee representatives. The purging of 27,000 Hewlett Packard (HP) employees is likely to impact employees in India in also.
Source: The Economic Times