India Today Group Fires 120 Staff Amid Financial Struggles

The India Today Group has laid off around 120 employees across various departments between July 20 and July 24. The company described the move as a restructuring exercise.

The affected employees were allegedly dismissed without prior notice, with the Hindi digital division accounting for the largest share of the job cuts. Several other departments, including camerapersons, video editors, graphics, fact-checking, the data intelligence unit, and Aaj Tak Radio, were also impacted.

According to a report, one employee was summoned to the Human Resources department shortly before the end of his shift at the company's Noida Sector-16 office. During the meeting, he was allegedly informed that it was his last working day and was asked to submit his resignation along with his laptop and identity card.

The report claimed that many employees were persuaded to resign, while those unwilling to do so were terminated. Several employees alleged they were asked to state the reason for their resignation, with some mentioning that they had resigned at the management's direction.

Those affected reportedly included both recent recruits and employees with more than a decade of service. Staff earning around Rs 25,000 to Rs 30,000 per month were among those laid off. Employees who resigned allegedly received two months' full salary, while those terminated were paid only two months' basic salary.

The layoffs come amid a sharp decline in the media group's financial performance. Reports indicate that its annual net profit fell 81% to about Rs 14 crore, while revenue dropped 19% to nearly Rs 807 crore in the last financial year. This decline is reportedly due to lower advertising revenue, restructuring costs, and losses in its radio business.

The India Today Group's decision to lay off employees is likely a response to its financial struggles. The company's financial performance has been declining, and the layoffs may be an attempt to reduce costs and restructure the organization.

The layoffs have affected not only the employees but also the overall media industry. The India Today Group is a major player in the Indian media landscape, and its financial struggles may have implications for the industry as a whole.

In conclusion, the India Today Group's decision to lay off 120 employees is a significant development in the Indian media industry. The move is likely a response to the company's financial struggles, and it may have implications for the industry in the long run.