There are tons of Indians working in countries like the United States of America, United Kingdom, United Arab Emirates and many more countries. The global recession has led to layoffs. Layoffs will be effecting the foreigners working in different country. The first to be fired will be the foreigners working in a country because every country would not want to keep their citizens jobless and employ a foreigner.
In UAE, the property and the construction business has fallen very low nearly 80%. There are no new projects coming up and some of the existing projects are being cancelled.
Emaar, the property group behind Bur Dubai, the tallest building on earth at around 700 metres (2,296 feet), has seen its share price plunge 80 per cent this year to stand at its lowest level since its listing eight years ago. Read More..
Rival Dubai developer Nakheel, promoter of several iconic schemes like three palm-shaped artificial islands, said last month it had decided to scale back its work and cut 500 jobs, or 15 per cent of its workforce.
An official at the UAE Ministry of Labour said that an average of 1,500 work permits aid visas are being canceled in Dubai each day. He pointed out that as companies lay off employees In the view of the global financial crisis, the number is expected rise in coming months as thousands of labor complaints currently logged at the ministry get processed.
Microsoft has was asked to fire the foreign employees first in response to the layoff announcement. In the US, during the layoff, companies should not be retaining H-1B or other work visa programmer employees over the qualified American Workers. There is a very high percentage of Indians working with H-1B visa in the IT industry in the USA, so its going to a very bad time for them.
Same is the case in UK and other European countries, lots of Indians will be losing their jobs and coming back to India where the situation is more or less the same. Every country has this problem and some solution needs to be worked out to stop the situation to get more worsened.
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