Times Internet: 3rd round of layoffs impacts 30% of ET Prime employees
TIL undergoing mega restructuring exercise, insiders say
A week after laying off 120 employees, Times Internet Ltd (TIL) has now downsized its ET Prime's workforce by 30 percent in a fresh round of layoff.
Sources revealed that services of 12 employees, out of the nearly three dozen working with ET Prime, were terminated on Thursday. Those affected have been offered a three-month severance package.
This marks the third round of layoffs at TIL, following a previous cut of 100 employees in August. At that time, TIL had issued a statement assuring that it was a "one-time exercise."
ET Prime, a subscriber-only business news service under TIL, is believed to be undergoing an organizational shift in order to integrate it with Economic Times, a business daily operated by the Times Group, sources say.
TIL’s response on the reasons behind the recent layoffs are awaited. The copy will be updated as and when they respond.
