Retrenchment continues in the US amid global economic challenges. Many big tech companies have shown the way out to thousands of their employees. This is directly affecting his family. Meanwhile, US President Joe Biden has expressed concern.
White House Press Secretary Jean Pierre said on Tuesday that the US President understands that job loss directly affects his family. His administration is striving to stabilize the economy, he said, and he is determined to make sure the American economy works for everyone.
Finding jobs a challenge for Indians
Among those who have been thrown out of jobs in the US, a large number of Indian IT professionals are also there. They are living in the country on H-1B visa. Now to stay in the country, they have to find a new job within the stipulated time frame based on the visa rules, which is a challenging task. Actually, H-1B visa is a non-immigrant visa, which allows US companies to employ foreign workers.
Retrenchment from Google to Facebook
Talking about big IT companies, the phase of retrenchment continues from Google to Microsoft and Facebook. Earlier companies like Microsoft, Facebook, Amazon fired the employees. After this, recently a giant company like Google announced the exit of its 12000 employees. Earlier, 18,000 people were evacuated from Amazon and 10,000 from Meta.