Click to play videoNew Delhi: World over jobs are being slashed in thousands as companies grapple with recession and eventual lack of demand.
Even multinationals like Citigroup Inc are struggling and India-born CEO Vikram Pandit's job is in danger.
Moreover Citigroup plans to axe 52,000 jobs worldwide.
Another banking major JP Morgan Chase & Co also plans to axe about 3,000, or 10 per cent, of its investment banking staff.
In Japan, the world largest automaker Toyota Motors is also set to cut 3,000 jobs.
In the US and other developed economies like Japan, which have been hit hardest by the slowdown, jobs cuts have now become the norm. And World Bank President Robert B Zoellick believes the worst is still to come.
"We have gone from a financial crisis to an economic crisis and in the coming months it's going to be an unemployment crisis, because with the slowdown that you see, this will spread to unemployment and that further emphasises the human crisis that we saw in the food and fuel area," says Zoellick.
So how safe are your jobs in India?
As a fallout job reduction worldwide, Citigroup is already reported to be cutting about 1,000 jobs in India. The management has, however, neither denied nor confirm plans to slash Indian jobs.
But its not only financial sector that is facing the brunt of slowdown. The Commerce Secretary has now admitted that the Indian textile industry which employs nearly 38 million workers could be hit hard and soon.
"According to the estimates of the textile ministry, there will be job losses of about 500,000 in the next five months," GK Pillai, Commerce Secretary, said on Friday.
And if the global economy does not pick soon as economists fear more pink slip may be coming for Indian employees working in sectors like ITES, BPO, steel and cement industry among others.
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