In an attempt to combat global economic challenges, the Indian arm of US-based multinational corporation, Fidelity National Information Services (FIS), has handed pink slips to more than 400 employees in its Pune facility. 

The development came after FIS planned to terminate thousands of employees after witnessing a 44 per cent drop in its share prices, a Bloomberg report pointed out. The company may terminate more staff in the future. 

Since 1968, FIS has been working with enterprises globally to help them manage their businesses using its payments, banking and investment fintech software.

“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,” the company said in the termination letter, which was viewed by Business Today. 

The laid-off employees will get severance pay as per this termination letter. "You will be entitled to receive a severance compensation calculated at the rate of one (01) month of your base salary for every completed year of continuous service (subject to a maximum limit of twelve (12) months) with FIS and the same shall be paid to you within five (5) working days from the Separation Date."

FIS is a Fortune 500 company that claims to have grown from $6 billion in annual revenue to more than $14 billion projected this year.

Tech layoffs have become one of the centrally discussed issues at this point in India. Multiple highly-valued tech companies have fired employees to keep the company on track with profitability. Byju's, one of India's leading edtech companies, announced to rationalise its employees in a phased manner in the coming months. It suggested a possible termination of 2,500 staff from its 50,000-strong employee bandwidth. Apart from Byju's, Unacademy and Vedantu also terminated their employees. 

Considering India's situation, tech experts are expecting more hardships in the coming time. Gaurav Munjal, the founder and CEO of Unacademy, said next year would be more difficult for the tech sector. Kalyan Krishnamurthy, CEO of Flipkart, seconded Munjal's thought by saying ', 'The next 12 to 18 months is where we will see a lot of turmoil and volatility, post which I think things will be much better," while attending an industry event. 
 

2023 will be worse than 2022 for Tech. This is what I keep hearing.

— Gaurav Munjal (@gauravmunjal) November 27, 2022