80,000 jobs lost globally in a single day
From the banking and insurance sectors, ING Group has announced the layoff of 7,000 employees. Dutch-based electronic company Philips would cut 6,000 jobs. Similarly, Britain's largest steelmaker Corus had said it would cut 3,500 jobs from its global workforce.
At the same time, some companies are taking extreme measures to avoid job cuts. For Instance, Virgin Atlantic has introduced a pay freeze at all levels. Many companies have also introduced short working weeks and cuts in hours.
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