After Facebook, Amazon, Flipkart, Ola, now Geostar is also preparing to lay off. Giostar will trim more than 1,100 employees. The shock came when the new joint venture of Reliance Industries Limited and the Indian unit of Walt Disney Company cut the overlapping post after merger. According to the report, Geostar is going to trim more than 1,100 employees. Let us also tell you what kind of report has come out about Geostar.

Why is Geostar trimmed?

Viacom 18 and Disney's Star India have been merged. Due to which it has become the largest media company in India. According to the report, this retrenchment is being done to strengthen the operation and improve efficiency. The company is also giving priority to high -growth sectors, especially sports and digital streaming. Industry officials suggest that the strong presence of Disney Star in regional markets may further streamline the regional channels of Viacom 18. However, Geostar is also gearing up when expanding its sports portfolio with a plan to launch new channels. Reliance-Dijney has become India's largest media company with merge, which is worth Rs 70,352 crore (post-money).

Who will be affected

On the condition of anonymity, about a dozen people, quoting media reports, have informed that the saving is affecting the employees of various corporate departments including distribution, finance, commercial and legal. Those affected include the initial level employees to senior manager, director and even Assistant Vice President.

In the media report, the source said that so far, the part of the sports has not been teased. The reason for this is the Champions Trophy, Women Premier League (WPL) and the Indian Premier League (IPL) are going to be one after the other. However, regional entertainment channels such as Colors Kannada and Colors Bangla have been greatly affected, and job cuts are expected to continue.

In addition, the CEO of a rival company has revealed that they are already getting CVs from geostar employees with more than Rs 1 crore annual package, who are looking for new opportunities. Giostar is offering compansation package to help the affected employees adjust for job changes.

What kind of compans package will be found

1. According to media reports, the service of the compassion package is different on the basis of the service tenure, which is between six to twelve months' salary.
2. Employees will get one month salary for every year completed in the company, besides one to three months notice period).
3. Employees working for less than 6 years in the company will still get a salary of at least seven months, including the salary of notice period.
4. Employees working for a long time can get compensation of up to 15 months.
5. Even employees who have not completed a compulsory five -year term for gratuity eligibility, will also get proportional payment.
6. In addition, some affected employees-particularly people associated with technology and digital services may be given roles in Jio or Reliance Group companies.