British Telecoms And Television Group BT Said On Thursday It Would Cut 55,000 Jobs By The End Of The Decade In A Bid To Cut Costs On Cutting Edge Tech-Sector Jobs. This Information Comes Two Days After Vodafone Announced The Layoff.
The Company Said BT Employs 130,000 People, Including Contractors. This Group Will Reduce These To Between 75,000 And 90,000 Over The Next Five To Seven Years.
Vodafone Also Announced Retrenchment
Vodafone’s New CEO Is Planning To Lay Off 11,000 Employees In The Next 3 Years. UK Mobile Phone Giant Vodafone Has Announced That It Plans To Lay Off 11,000 People, Or A Tenth Of Its Workforce, Over The Coming Three Years.
Tens Of Thousands Of Layoffs Have Taken Place This Year Across The Global Tech Sector, Including At Facebook Parent Company Meta, As Rising Inflation Drags The World Economy.
Workforce Will Be Very Less By 2029
BT Is Implementing Further Cuts After Cutting Costs Under A Plan Launched Three Years Ago. By The End Of 2029, BT Group Will Rely On A Much Smaller Workforce And A Much Lower Cost Base, Said Philip Jansen, The Company’s Chief Executive. The Company Was “Navigating An Extraordinary Macro-Economic Backdrop”. He Also Added That The Slimmed-Down Group Would Be “A Leaner Business With A Bright Future And Will Digitize The Way We Operate And Simplify Our Structure”.
What Is The Main Reason
BT Said That Once Its Full Fiber Broadband And 5G Network Is Operational, It Will Not Need As Many Employees To Build And Maintain It. The Firm Also Revealed On Thursday That it is Net Profit Rose 50 Percent To GBP 1.9 Billion (Roughly Rs. 19,816 Crores) In Its Fiscal Year To March, But A One-Time Tax Credit Dented The Performance.
Pre-Tax Profits, However, Fell 12 Percent To GBP 1.7 Billion (Roughly Rs. 17,476 Crores) From A Year Ago, While Revenue Fell One Percent To GBP 20.7 Billion (Roughly Rs. 2,12,736 Crores).
