US-based fintech company Fidelity National Information Services (FIS) has laid off 400 employees in Pune due to internal restructuring, people familiar with the matter told Moneycontrol.
“This is to inform you that due to the internal restructuring of FIS businesses in India, your role with FIS has become redundant and accordingly, FIS has decided to terminate your employment with effect from 30 December 2022 (`Separation Date’) on account of redundancy,” read a termination letter accessed by Moneycontrol.
“During the FIS Q3 2022 earnings call we talked about our plan to address current macro-economic challenges. Rightsizing our portfolio and our workforce has always been an important part of our growth strategy to serve our clients and meet market demand. FIS has had a presence in India for more than two decades and remains committed to this important market for its continued growth,” FIS told Moneycontrol in a statement.
Watch | Why Layoffs At Big Tech? | Fired Employees Speak Up | Let's Talk Jobs
The development comes after Bloomberg reported last week that FIS was planning to cut “thousands” of jobs as the company’s shares had fallen by 44 percent. Laid-off employees at FIS are entitled to severance compensation.
Pune-based labour union NITES (Nascent IT Employees Senate) stated that the company had violated provisions of the Industrial Disputes Act, and that the firm was aiming to restore investor confidence by reducing headcount arbitrarily.
“The termination letter sent to employees states that due to internal restructuring certain roles have become redundant. Under the pretext of redundancy the company is laying off employees illegally and unethically,’’ Harpreet Singh Saluja, President, NITES, told Moneycontrol.
Last year, the company had announced that it planned to hire 10,000 people in India across levels with a special focus on hiring graduates from tier II and III cities.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
