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Microsoft Sacked 1000 Workers Amid Recession and Decrease in Product Demand

Microsoft has fired about 1000 employees in its latest and third round layoff since the beginning of the year.

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Tech giant and American multinational company, Microsoft, has fired about 1000 employees in its latest and third round layoff since the beginning of the year.

While Microsoft planned to retrench about 1 percent of its workforce, the recent layoff cut across many countries around the world. 

Some of the affected staff, including a long-term employee of the company who was the product manager to the Chief Technology Officer, took to Twitter to announce the disappointing disengagement. 

While explaining the reasons for the layoff, Microsoft noted in a statement that the company had to make structural adjustments as needed. 

“Like all companies, we evaluate our business priorities on a regular basis. We will continue to invest in our business and hire in key growth areas in the year ahead”, the statement partly read. 

Investors King learnt that several tech companies such as Wipro, Tech Mahindra, Intel, Google and Infosys among others have laid-off employees or planning to do so. Similarly, a number of tech companies have resorted to freezing the hiring process.

Last week, the Times Magazine reported that Intel is planning a major reduction in headcount, likely numbering 20,000. The layoff is a result of the steep decline in demand for PC processors.

The widespread cut in workforce mostly in the tech companies is coming amid the recession and the decrease in product demand. 

It could be recalled that last month, Apple abandoned efforts to increase production of its iPhone 14 lineup by 6 million units after it witnessed low market demand. 

Meanwhile, the shares prices of many of the tech companies have also dropped significantly on the stock exchange. 

For instance, Microsoft has seen its share price drop by 30 percent from its height. Apple’s share has declined by more than 15 percent, Tesla has lost more than 30 percent, Adobe has shed more than 50 percent, Facebook has lost about 60 percent, Paypal has shed almost 70 percent, Snapchat has lost more than 80 while Amazon has lost around 38 percent. 

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Kaduna Workers To Start Earning N72,000 Minimum Wage November, Bayelsa Gov Budgets N689.4bn For 2025

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Workers in the employment of the Kaduna State Government will start earning the sum of N72,000 as minimum wage from November, this year.

This came as Governor Uba Sani approved the new minimum wage of N72,00 and promised continued prioritisation of civil servants’ welfare.

Sani, in a statement released by his Chief Press Secretary, Ibraheem Musa on Thursday, the decision is in conformity with his lifelong commitment to promoting and protecting workers’ rights.

The governor also promised to improve the living conditions of the poor, vulnerable and underserved in Kaduna.

He also revealed his plan to launch a free transportation scheme for civil servants with the release of 100 CNG buses.

Sani said the free transportation scheme, which included the release of 100 CNG buses, is designed to alleviate the suffering of workers and enhance their productivity.

The governor noted that the buses would convey civil servants to and from work, providing relief from transportation costs while noting that a Joint Management Committee consisting of representatives of organized labour (NLC and TUC) and the State Government will be set up to manage the Free Transportation Scheme for civil servants.

In another development, the Bayelsa State Governor, Douye Diri, on Thursday presented a 2025 budget of N689.4 billion, titled the “Budget of Assures Prosperity,” to the State House of Assembly.

He pointed out his administration’s goals for enhanced socio-economic and infrastructure development.

Emphasising on building on the gains and lessons from his first term in office, Diri reiterated his government’s desire to advance the state’s socio-economic and infrastructural landscape.

He said his new mantra, the ‘ASSURED Agenda,’ which outlines seven strategic pillars to drive economic growth, social development, infrastructure improvement, environmental sustainability, cultural preservation, and good governance, would be funded through various streams, including an opening balance of N14.2 billion, statutory allocations of N17 billion, VAT estimated at N57 billion, and 13% derivation and refunds amounting to N138.8 billion.

In addition, the governor revealed that the state expects N29.1 billion from excess crude refunds, N103.1 billion from exchange gains, N39 billion from internally generated revenue, N39.4 billion in grants, and N141.4 billion from capital receipts, including electronic money transfers, signature bonuses, cash calls, and loans.

Diri detailed that personnel costs would take N108.34 billion, accounting for 13.3% of total spending, with N91.96 billion for salaries, N19.3 billion for pensions and gratuities, and N3.34 billion for CRFC transfers.

He noted that overheads would consume N79.66 billion, representing 11.55% of the budget, while the total recurrent expenditure stood at N263.38 billion, or 38.2%.

According to him, this category covers grants, contributions, subsidies (N9.15 billion), a 10% SUBEB contribution (N2.5 billion), rural development authorities (N4.5 billion), and public debt servicing (N52.95 billion).

Capital expenditure is set at N404.76 billion, with a planning reserve of N21.3 billion, bringing total capital allocation to N426.07 billion or 61.8% of the budget.

Providing a sector-by-sector breakdown, Diri revealed that N178.76 billion is earmarked for Works and Infrastructure, while Education will receive N35.85 billion. Other allocations include Urban and Housing Development (N13.68 billion), Energy and Power (N14.45 billion), Agriculture (N16.65 billion), Security (N19 billion), Healthcare (N19.19 billion), and Community Development (N10.2 billion).

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Jigawa Governor Announces ₦70,000 Minimum Wage Amid Mourning of Tanker Explosion Tragedy

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Days after a petrol tanker explosion claimed the lives of about 200 residents in Jigawa State, the state governor, Umar Namadi has announced a new minimum wage of ₦70,000 for civil servants in the state.

The latest development was made known during the submission of a report from the state’s minimum wage committee at the Government House in Dutse.

The committee said the report considered several critical factors, including the current inflation rates and the necessity to maintain a motivated and efficient workforce amidst economic uncertainties.

After reviewing the report, Governor Namadi announced the new minimum wage and also reaffirmed his administration’s commitment to improving the welfare of the state’s workforce.

“We are resolved to pay our workers ₦70,000 as the new minimum wage,” he stated during the announcement.

The governor explained that the increment aims to alleviate the financial challenges faced by civil servants and is reflective of the economic and fiscal capabilities of the state.

He assured workers of a swift implementation of the new wage.

This latest development comes days after a petrol tanker exploded in the state leaving about 200 people dead and many injured.

On Tuesday while briefing President Bola Tinubu on the incident at the State House, Abuja, Namadi disclosed that 181 people died and 210 families were affected in the tanker explosion.

The tanker, laden with petrol exploded at Majiya town, along the Kano-Hadejia expressway in Taura LGA of Jigawa state.

The governor told the president that 80 people were hospitalised due to the incident, adding that the state government has paid their bills.

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Akwa Ibom Governor Approves N80,000 Minimum Wage For Workers

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Governor Umo Eno of Akwa Ibom has validated a new minimum wage package of N80,000 for workers in the employment of the state government.

Eno has joined other states including Lagos, Edo, Rivers among others who had taken steps to pay their employees the new minimum wage.

Investors King had reported that the Federal Government and the Nigeria Labour Union had signed a Memorandum of Understanding for N70,000 as least amount to be earned by Nigerian workers, especially those employed by civil authorities.

Some other states including Osun, Oyo, Zamfara among others have not announced the amounts they would be paying their workers.

Making the approval of the N80,000 minimum wage known on Wednesday, Governor Eno also constituted an implementation committee for the smooth kick-off of the new wage regime with the Head of the Civil Service (HoCS), Elder Effiong Essien, as Chairman.

According to the governor, the committee has one month ultimatum to deliver its report on the wage increase harmonisation.

The Commissioner for Information of Akwa Ibom, Comrade Ini Ememobong, while addressing newsmen, listed other members of the committee to include the Chairman, Local Government Service Commission (LGSC) and Permanent Secretaries in the Ministries of Finance and Department of Establishments.

Others are the Permanent Secretary, Ministry of Labour and Manpower Planning; Permanent Secretary/Solicitor General, Ministry of Justice; Permanent Secretary/Accountant General; Permanent Secretary, Local Government Service Commission (LGSC); Permanent Secretary, Office of the Head of Civil Service; Director of Budget and the State Chairman, Joint Public Service Negotiating Council.

The list also has the Secretary, Joint Public Sector Negotiating Council; State Chairperson, Nigeria Labour Congress (NLC); State Chairman, Trade Union Congress (TUC) and the State President, Nigeria Union of Local Government Employees (NULGE) as members.

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