The US based tech giant, Oracle, has reportedly revoked dozens of job offers made to students at India’s premier engineering colleges, including the Indian Institute of Technology (IITs) and National Institute of Technology (NITs). The move comes after the company has announced to layoff nearly 30,000 employees globally.
The placement cells has also confirmed that both full-time employee (FTE) offers for the Class of 2026 and summer internships have been rescinded at IIT-Delhi, IIT-Kanpur, IIT-Kharagpur, IIT-Guwahati, IIT-Madras, IIT-BHU, IIT-Hyderabad, IIT-Roorkee, NIT-Warangal, and MNNIT-Allahabad, among others. While the number of revoked offers ranges between two and five per campus, sources estimate that more than 50 offers have been withdrawn overall, as reported by Economic Times.
India is among one of the hardest hit country, withan estimated 12,000 employeesaffected across various functions. The layoffs have hit multiple verticals, including cloud, engineering, enterprise, product, and operations.
Reports suggest that teams across development centres and support services in India have been impacted, with some departments seeing deeper cuts than others.
Impacted workers are said to receive one month’s salary in lieu of notice and an additional two months’ salary as an ex-gratia component. A health insurance cover worth Rs 20,000 is also part of the package. Payments for unused leave and gratuity are expected to be settled separately, with all calculations based on gross salary.
Vikas Kumar is Deputy Editor (Business) at Times Now driving coverage across policy, economy and markets. He possesses nearly a decade of experience i...View More
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