Now this Chinese company started retrenchment, jobs of thousands of employees in danger

The effect of retrenchment will be seen in 3 out of 6 business divisions of Tencent. These three divisions include the names of Platform and Content (PCG), Interactive Entertainment Department (IEG) and Cloud and Smart Industries Group (CSIG).

The phase of retrenchment is going on in the big companies of the world. Tech companies are being told the most under its influence. meta, twitter, MicrosoftAfter Amazon, China’s biggest tech company in Tencent lay off The era has begun. Amid fears of recession, companies are doing job cuts to save their expenses. a new name in tencent holdings Has also joined. In the past too, Tencent has fired employees. But new layoffs have just started. According to the report, the number of employees engaged in video streaming, gaming and cloud business lay off has begun.

Tencent sources informed about the layoffs.reuters‘ has been given to It has been said in the report that out of 6 business divisions of Tencent, the effect of retrenchment will be seen in 3 divisions. These three divisions include the names of Platform and Content (PCG), Interactive Entertainment Department (IEG) and Cloud and Smart Industries Group (CSIG). The work of these three divisions is mainly related to video streaming, gaming and cloud business.

There will be layoffs in this division

Sources said that some staff of IEG were told last week that they have been retrenched. Gradually, the employees in the rest of the division will also be informed about the retrenchment. Although Tencent did not give any answer to the question of ‘Reuters’ in this regard. It is not yet known that how many people will lose their jobs in Tencent. Jobs in this company are going because ever since the rule of zero covid policy came into force in China, the business of tech companies has suffered a major setback.

Effect of zero covid policy

The effect of China’s zero covid policy is being widely seen on the economy there, mainly under the influence of tech companies. Tencent had also laid off earlier this year. At the same time, Alibaba Group also fired employees. In August this year, Tencent had given information about the total number of its employees. The total number of employees in June was 116,213, which decreased to 110,715 in August.

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More layoffs in the gaming business

Tencent Management recently said that the company is focusing on reducing expenses. In this connection, retrenchment has been started. Tencent is also shutting down non-core business in some sectors, due to which employees have to lose their jobs. Tencent is making big spending cuts in online education, e-commerce and game live-streaming. This company based in Shenzhen, China is cutting expenses on one hand, and on the other hand it has plans to expand in many countries of the world. It has been said in a report that Tencent is focusing on buying stake in gaming companies of the world.

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