HSBC, probably the biggest financial institution in the world, is proposing to reduce its employees by about 50,000. This is mainly due its closure of branches  in Brazil  and Turkey. It has got more than 2.66 lakh workers in its roll.

This is the system of the private companies. Wherever they get profits they do business. When there is loss, they close up and go elsewhere. What will happen to the workers is no concern of these MNCs.

Why MNCs alone? Now, the NDA government is going to bring a bill changing the labour laws through which any private company with less than 500 workers can do ‘hire and fire’ without any intervention from the government. The Modi government has become the saviour of the private capital and the workers are no concern to them.

It is only through united and sustained struggles that the workers can exist and advance. That is what history has taught us.