Unitech trims its workforce by nearly 10%

Unitech trims its workforce by nearly 10%India's leading realty player, Unitech has slashed its workforce by about 10%, out of a total of 1,700 employees, to cut costs and boost cash flow.

Besides decreasing employees strength over the last 4-5 months, the company is also not filling up new vacancies, which were left empty in the process of normal attrition.

According to sources, the company's current rate of attrition is about 15-20% a year.

Unitech has also shifted some employees to its newly formed telecom venture from the real estate business. However, the company has not cut salaries of its employees yet.

Reeling under slowdown and heavy credit crunch, realty players like Parsvnath and Omaxe, had cut salaries of its employees in top and middle level management by up to 20%.

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