The Hong Kong-based sourcing pioneer Li & Fung has asked over 120 employees from its India office to leave at just one month. As per the dismissal letter, employees will get a notice period of less than 4 weeks (27 days to be precise).
The company has also decided to lay off 70 per cent of its employees in Hong Kong. Over the last few weeks, the sourcing giant has been sending dismissal notices to its procurement staff based in Hong Kong. Besides, it also plans to lay off employees from its Shenzhen and Shanghai offices too.
The decision is being taken to help to company battle the crisis created out of the deadly pandemic that has gripped the whole world including India. With nearly 17,000 employees worldwide, the company has more than 250 offices in 40 markets and works with more than 15,000 suppliers across the world.
