Samsung India cuts about 100 TV and home appliance jobs
Samsung India has let go of around 100 employees in its TV and home appliance divisions, as sales and margins have come under pressure in its mainstay smartphone business, after memory chip prices more than doubled.
The layoffs include director-level officials and team leads at the headquarters, along with branch and area managers at operating branches, with insiders saying up to one-quarter of sales and marketing staff could be affected.
To save more, the company is merging regional offices like Delhi-Gurgaon and Ranchi-Patna.
Samsung offers severance, phone sales down
Those laid off are getting three months' salary plus an extra month for every year they worked.
Meanwhile, Samsung's smartphone division, responsible for most of its revenue, hasn't been touched by these cuts since the company expects festive season sales to help.
Still, phone sales have dipped 11% to 12% this year due to higher costs and a weaker rupee, so more changes might come after Diwali.