NYSE-listed IT services provider EPAM Systems has asked around 100 Indian employees to resign, mostly benched employees not tagged to any specific project and revoked offer letters of others who were about to join the firm over the course of the next few months, The Economic Times reported on October 3 quoting sources.
Moneycontrol could not independently verify the report.
Testing, .Net, DevOps, and Java domains are affected by the resignations.
Human resource managers told affected employees the company had over-hired, misjudged demand forecasts, and could not fund onboarding projects in the near future, the report said.
It was communicated to the employees via Microsoft Teams that they had to resign. The employees were given the option of either receiving three months' pay and leaving immediately or serving two months' notice, with the possibility of their resignation being revoked if they landed a project during those two months, the report added.
EPAM did not respond to email queries sent by ET.
EPAM Systems had hired 4,349 professionals in India, the report said quoting company's annual disclosure.
Two employees who were impacted by the move told ET that, the layoffs happened in a staggered manner with most hailing from EPAM Anywhere while there were a few from EPAM Systems too.
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