British telecom company BT will lay off 55,000 employees over the next 10 years.

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New Delhi: Hitherto IT and tech companies used to lay off, but now telecom companies have also started layoffs. UK-based telecom company BT Group, formerly known as British Telecom, has decided to lay off 55,000 employees.

BT Group said on Thursday that it has decided to reduce the number of employees to restructure the company and cut costs. BT Group will lay off 55,000 people over the next ten years. The company has a total of 1,30,000 employees including contractors. BT Group said in its latest report that the company wants to reduce its workforce from 75,000 to 90,000 by 2030.

The company’s CEO, Philip Jensen, said the company will keep a smaller workforce until the end of the decade to cut costs. The new BT group will be small but has a bright future, he said. Significantly, a day earlier, telecom company Vodafone announced that it would lay off 11,000 employees. Vodafone operates in Europe and Africa.

BT Group has said it will not need such a large number of staff after launching fiber optic broadband and 5G services.

After the global financial crisis, skyrocketing inflation and slow economic growth, companies are constantly cutting costs to reduce costs. Tech and telecom companies have laid off thousands of employees in the past few months. Companies like Google, Microsoft, IBM, Facebook, Twitter, Amazon have laid off thousands of employees.