FIS lays off employees in India due to internal restructuring

BENGALURU:  Many employees of US financial services technology company FIS on Thursday received termination letters from the company saying that their role with FIS has become redundant.“FIS has decided to terminate your employment with effect from December 30, 2022, on account of redundancy,” the letter says.

This comes at a time when the company is planning to layoff many employees globally, according to various reports. It is said that Stephanie Ferris, who will become the CEO of the company starting January 2023, wants to cut costs. Of around 55,000 employees, India employs about one-third of the workforce. Though the exact number of layoffs in India is not yet known, it is said that about 400 employees from Pune have received termination letters.

The internal mail that employees received says they will receive a severance compensation calculated at the rate of one month of their base salary for every completed year of continuous service with FIS.
“It has been decided to allow you paid time off up to the separation date. This implies that although you will continue to be in the role of FIS till the separation date, but you would no longer be expected to report to your duty,” the letter adds.

In a statement, FIS said, “During the FIS Q3, 2022, earnings call, we introduced our plan to address current macroeconomic challenges. Rightsizing our portfolio and our workforce has always been an important part of our growth strategy to serve our clients and meet market demand. “ Meanwhile, the Nascent Information Technology Employees Senate (NITES) strongly condemned the unethical layoffs started by FIS. “The company has violated provisions of the Industrial Disputes Act and is aiming to restore investor confidence by reducing headcount arbitrarily,” said Harpreet Singh Saluja, President, NITES.