Demonetization: TDP Ex MP Kambampati to layoff his employees

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Employment in automobile, real estate and organised sectors have been badly hit due by demonetization. Owners who used to pay salaries using black money sacking staff in phases. Nearly 10,000 jobs are on the line.

Kambampati, who runs automobile showrooms(Laxmi Hyundai) in AP and TS, said that about 3,000 employees worked at his establishments. “The developments have impacted sales and profits. It may continue for a few more months. We can’t bear the additional burden towards salaries. We have decided to lay off nearly 200 employees next month,” he said.

Mr A. Mallesh, a mechanic at a prominent motor showroom in Amberpet, lost his job two days back. He said about five workers were removed by the management. “All of them used to get salary by cash. Except for the uniform provided by the showroom we have no other identification,” he said.

President Gummi Ram Reddy of the TS chapter of Credai, the realty industry body, said was no impact on the sale of apartments but layouts had been hit.
Mr J. Veeraiah, a real estate agent from Boduppal, said bookings had fallen after November 8.

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