you might have asked why October instead of the usual timeline. it is simple , cisco like every other big tech company took federal money to keep employees until the end of September.
October will have industry wide layoffs
It will be substantial and widespread
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it's called Payroll protection, and for companies that got it may not be required to pay back.
All this printing of money, get ready to pay more taxes since corporations will not be paying their share.
Hey Sergei, if you have skill you will find another job. If you never did then yes you will struggle- I know whet you land by your comments, big skill really does win out over age!!!
october is the date that hi-tech is aligning to. If u have a job after that date be thankful. those in october layoff will be out of work a very very long time .. a year if not longer .. older workers may never find full time job again
Cisco may not have taken the money, but all companies were gearing to Oct 1 as the date. The OP is 100% correct. There will be floods of white collar workers out of a job and if you think landing one in 6 months is a norm, be prepared for a rude awakening. Some people will be out of meaningful work for 18-24 months. I had a good friend who had an all out blow up at home. Out of work, no prospects, stress, and everything else. It is going to get crazy soon. Those that are working need to buckle and be thankful.
Some big companies got money (like airlines). But govt money usually comes with strings attached, like no stock buy-backs and no dividends. I presume Cisco would not sign up to any of that, and didn’t take a dime.
makes perfect sense
did cisco really take govt money? how much did cisco get? point me to the source of this info pls.
Can the admin please take this post down? It's BS and the OP is full of it. The CARES act was strictly for small businesses. This post is rubbish
I thought the CARES Act was for small businesses. Some nation-wide chains managed to take advantage of it because they had less than 50 employees at a given location, i.e. hotels and restaurants, but large publicly traded tech companies should not have been eligible.
I think it would have made the news if Cisco took money like Ruth's Chris Steak House did.
That said, yes, a lot of companies are planning their LR's for Oct and it's going to be the Hunger Games out there completing to get the few jobs that exist.
It is right in the CARES Act , look for September 30, 2020 in the text
more like the No One Cares Act
hmm...we never knew this fact...that companies took money from govt to not do layoffs...is it true ?
It is right in the CARES Act , look for September 30, 2020 in the text
hmm...we never knew this fact...that companies took money from govt to not do layoffs...is it true ?