Coronavirus: Companies assure employees of no layoffs as businesses take a hit

Even as companies see fall in business amid lockdowns world over, employees have been assured by a number of firms about no or insignificant layoffs. There are companies that have even taken a 90-day no-layoff pledge as lockdown continues amid the coronavirus pandemic, including various global companies with a sizeable presence in India.

According to a report in Times of India, firms such as SAP, JP Morgan, Bank of America, Morgan Stanley, among others are also safeguarding jobs by cutting down on fresh hiring. Firms such as Tata-Starbucks are offering COVID-19 paid leave to employees tested positive. Funds are being set up to help the employees and tackle the pandemic.

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"Today we announced a COVID Relief Fund - seed contribution from our mgmt, the board, the company and me of 4M+ - we will match employees 4x. Foregoing salary to contribute. Also, committed to no COVID related layoffs to allay concerns of our employees," Palo Alto Networks CEO Nikesh Arora tweeted. Most companies have seen fall in business in the past few months after the COVID-19 breakout that has severely affected revenue. The US media quoted Morgan Stanley CEO James Gorman as saying that the jobs of the employees would be safe this year.

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Meanwhile, last week, Moody's Investors Service sharply cut India's growth forecast for calendar 2020 to 2.5 per cent, from 5.3 per cent estimated earlier, after the government ordered a nationwide lockdown to curb the spread of the coronavirus. The International Monetary Fund (IMF) has already predicted that the world has entered recession in the wake of a devastating impact due to the pandemic. The agency, however, projected recovery in the global economy next year.

INDIA CORONAVIRUS TRACKER: BusinessToday.In brings you a daily tracker as coronavirus cases continue to spread. Here is the state-wise data on total cases, fatalities and recoveries in one comprehensive graphic.