Mumbai: In the financial year 2024, Reliance Industries Limited laid off 11 percent of its workforce compared to the financial year 2023. The company reduced approximately 42000 employees in the current financial year. In financial year 2024, RIL’s employee strength stood at 347,000, whereas in financial year 2023 it was 389,000.
Reliance Industries has reduced the number of employees the most in the retail sector. The company officials say that the reduction in the retail sector has been done because many stores in the country have closed. Even in those that are open, work is going on at a slow pace. Apart from this, there is no expansion in retail. The reduction in the number of employees has been done under cost efficiency.
RIL has also significantly reduced its new hires by more than a third to 170,000 as per its latest annual report. An analyst from a leading broking firm who tracks RIL told that “The new lines of businesses (at Reliance) have matured now and have significant support from digital initiatives.”He further added that they are at a stage where they can better manage operations with optimal strength.
In Fiscal year 2023 there were 95000 employees in JIO. RIL reduce the strength by 5000. In Fiscal year 2024 there are 90000 employees.