RIL layoffs: Reliance Industries slashed 42,000 employees in 2023-24

New Delhi: Mukesh Ambani-led Reliance Industries Limited (RIL) confirmed that the company recorded huge layoffs in 2023-24. India’s largest company by market capitalisation laid off 42,000 employees in the previous financial year. According to the annual report of RIL, Reliance JIO had a workforce of 90,067 in FY24, while it was 95,326 in 2023-24, a reduction of around 5,000 employees.
The RIL annual report did not mention the reason behind the layoffs. “Overall, voluntary separations in FY24 are lower than FY23. The retail industry typically has a high employee turnover rate, especially in store operations,” RIL said in its report.
Notably, Reliance Industries trimmed its workforce by around 11 per cent in 2023-24. RIL workforce employee strength stood at 347,000 in FY24, while it was 389,000 in FY23, a reduction of 170,000.
The conglomerate laid off the maximum number of employees in its retail business which accounted for about 60 per cent of RIL’s employees. The employee strength in this segment was at 207,000 last fiscal, compared to 245,000 in FY23.