Foxconn Hungary Lay off Job Cut: fires 1500 employees

The Taiwan based Foxconn which is listed in Hong Kong Stock Exchange has decided to lay off around 1500 workers in Hungary. The reasons for lay offs or job cuts by FoxConn is the reduction in orders.

How many employees will be affected in the Foxconn Lay off Job Cut
Around 1500 employees will loose their jobs in the Foxconn Lay off Job Cut. This constitutes around 50% of its total employees in Hungary.

Which locations will the Foxconn Lay off Job Cut happen?
The layoffs will be done as follows: 1,000 workers will be fired in Komarom, and another 500 employees will be fired in Debrecen, 220 kilometres east of Budapest,

Are there any plans for new recruitments after the Foxconn Lay off Job Cut?
Yes. After the lay offs, the Foxconn is expected to hire around 1,150 people.

Hungary's economy is expected to slide into recession next year on falling export demand and a drop in domestic consumption, and the government estimates its economy could contract for up to a year and a half.

Several dozen firms have already announced large-scale layoffs and analysts estimate that the country's 7.7 percent unemployment rate in the August-October period may climb to over 10 percent by the middle of next year.

Let's hope that alternative jobs are available to the affected employees of Foxconn Hungary Lay off Job Cut.