RETRENCHMENT AND LAYINGOFF EMPLOYEES DURING THE PANDEMIC- A JUST ACTION?
The world today is trembling with fear and citizens are scared for their lives as Corona Virus (COVID-19) continues to grow and affect our daily lives. The Virus that originated in the markets of Wuhan, China has created an unprecedented human crisis, affecting the social as well as economic strata of the world. Nations across the world are being forced to adopt stringent measures so as to prevent the spread of virus, such as maintaining social distance norms or going into lockdowns etc. These measures have created a situation of economic turmoil, thereby leaving corporate bodies in a fight for survival.
As necessary the lockdown seemed, its impact on Companies and organizations cannot be overlooked. Top experts and financial bodies consider this situation worse than 2008 Economic crisis, which will leave businesses in tatters. To tackle this situation the organizations are taking unprecedented measures such as laying off employees, or reducing their area of operation, salary cuts etc. Many new businesses or start-ups have been shut down due to the pandemic since they were not ab