Oracle fired 12,000 of its Indian workforce and is expected to sack more.
Another reminder of how fragile stability is in the private sector. One secures employment, income begins to flow, long-term plans take shape, home, car, loans, EMIs. And then, a single decision by the corporate to โrationalizeโ or โdownsize,โ and everything collapses overnight.
Unless you quickly re-enter the job market, fixed liabilities donโt pause; they compound stress and can upend an otherwise steady life.
While you earn, you must pay taxes. The moment you lose your job, youโre on your own. In fact, you even have to pay tax on the severance also.
Maybe itโs time to introduce reforms, such as mandating severance pay ranging from three months to one year based on an employeeโs tenure, as is the norm in the West; allowing EMI pauses for a 3-6 months; and providing a time-bound monthly allowance from the govt for involuntary job losses.
If Ladla/Ladlis can get free money, free ration, free water, and electricity, without paying any income tax, why not support a worker who has been paying taxes and contributing?