Wework India Lays Off 20% Staff

Co-working major WeWork India, owned by realty firm Embassy Group, will lay off around 20 per cent of its total 500 employees with effect from June to cut its operational costs. Around 100 workers would be affected by the decision. According to sources, WeWork India will honour the notice period and also offer severance packages to its employees. The company will continue medical insurance until the end of this year and also offer its coworking centres free of cost. WeWork India has over 57,000 desks in 34 locations across NCR, Mumbai, Bengaluru, Pune and Hyderabad. "While decisions that impact our people are some of the hardest to make, we believe that this step is required to build an effective and sustainable structure that supports the company and our members in the long term," Karan Virwani, the CEO of WeWork India said in a statement.