Unitech lays off 10 pct employees

“Our normal attrition is there. Naturally we are not looking for replacements… and we have let go trainees in over a period of 4-5 months,” Unitech Chairman Ramesh Chandra said.

The company’s current rate of attrition is about 15-20 per cent per annum, he added.

Asked about the number of people that the company has fired, he said: “It is to the extent of 10 per cent of total workforce and total is about 1,700 people.”

He, however, said the company has not cut salaries of its employees yet.

Besides, Unitech has also shifted some employees to its newly formed telecom venture from the real estate business.

“Our telecom company’s requirement is very large. We have transferred some people from Unitech to Unitech Wireless (the telecom subsidiary),” Chandra said without giving details.

Reeling under slowdown and heavy credit crunch, the realty players have recently either cut jobs or slashed employees’ salaries.

Earlier in this month, Parsvnath had cut salaries of its employees in top and middle level management by up to 20 per cent, while Omaxe had fired 70 employees and also lowered the remuneration by 10 per cent.

Country’s largest realty firm DLF had also hinted at firing people if the demand of the sector would not improve.