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by IANS |
Mumbai, April 14 (IANS) Employees in their 40s are facing the highest risk during mass layoffs as they usually earn the highest salaries, according to Shantanu Deshpande, CEO of Bombay Shaving Company.
As per Deshpande, it is a growing concern in the corporate world. “When a mass layoff is about to happen, those in their 40s are the most vulnerable because they’re the highest paid,” Deshpande said in a recent Instagram post.
This pattern, he noted, is not limited to India or any particular country. It is happening globally due to increasing economic uncertainty and the rising use of artificial intelligence.
“Companies are now focusing more on reducing costs and streamlining operations, which has led to multiple rounds of layoffs,” he added.
Deshpande also pointed out that losing a job at this stage of life can be an emotional and financial shock.
“People in their 40s often have to manage several responsibilities at once. Their children may be in college, which requires significant financial support, and their parents might be in their 70s or 80s, needing medical care and attention,” Deshpande mentioned.
He added that other financial burdens like home loan EMIs can make things worse. “Losing your job in your 40s is a financial and emotional disaster. At this age, you have the most responsibilities -- EMIs, kids education, aging parents,” he emphasised.
These responsibilities, according to Deshpande, can quickly reduce a person’s savings.
“This is the time when people expect to reach upper management and enter their golden salary years. So, losing a job in your 40s can be a massive destabiliser, both financially and emotionally,” he said.
He added that such events can turn into an ‘emotional and financial disaster’ for the affected employees.
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