In an unprecedented move, Larsen and Toubro, one of the largest Engineering Company in India has retrenched 14,000 employees, more than 11% of its total workforce, in a move to “right size” the number of employees, according to the management. The reason mentioned for the retrenchment is stated due to business slow down.
This is the reason the corporates always says in time of retrenchment.
The employees work hard and the company gets good profit. But the management has no qualms to retrench them on flimsy grounds. I am sure that the L and T Unions will fight out for their reinstatement.