JioStar to lay off over 1,100 with overlapping roles after merger: Report
The JioStar layoffs actually had started a month ago and will likely continue till June.
JioStar, the new joint venture between Reliance Industries Ltd's Viacom18 and The Walt Disney Co.'s India unit, is laying off over 1,100 employees whose roles are overlapping.
The layoffs actually had started a month ago and will likely continue till June, according to a Mint report which cited multiple anonymous sources in the know.
HT.com cannot independently verify the authenticity of this information.
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The distribution, finance, commercial, and legal departments are the ones affected by the layoffs.
However, they affected a wide span of ranks, including entry-level employees, senior managers, senior directors and even those at the assistant vice-president level.
However, sports has remained untouched because the Champions Trophy, Women's Premier League (WPL), and Indian Premier League (IPL) are scheduled back-to-back, according to the report.
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The report even quoted a rival company's chief executive officer as saying that he was receiving CVs from JioStar employees with over ₹1 crore annual packages who are ready to move.
However, JioStar is also offering a sizeable severance package to the affected employees of six to 12 months of salary depending on the years served.
Affected employees are getting one month's full salary for every year completed at the company, in addition to the notice period, which ranges from one to three months, the report read.
Even the employees who have not yet completed the mandatory five-year tenure for gratuity eligibility will be receiving a pro-rata payout.
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Also some employees, particularly from tech and digital services, may get offered roles within Jio or the broader Reliance ecosystem.
Reliance Industries controls a majority stake in Jiostar (valued at ₹70,352 crore) through Viacom18, while Disney holds 36.84%.
