Over 400 employees in Pune have received pink slips from the India division of Fidelity National Information Services (FIS), an American multinational company operating in the fintech sector. Not only that but over 400 employees in Pune have also received similar letters of termination. According to people with knowledge of the situation, more layoffs of personnel are imminent. The company also operates out of Bengaluru and Gurugram.
The fired workers are also entitled to severance pay. The termination letter from FIS stated, “You will be entitled to receive a severance compensation calculated at the rate of one (01) month of your base salary for every completed year of continuous service (subject to a maximum limit of twelve (12) months) with FIS and the same shall be paid to you within five (5) working days from the Separation Date.” Moreover, ex-employees received a letter of termination that included the following clause: “You (employees) agree to unconditionally and irrevocably discharge and release FIS, its subsidiaries and affiliates, its directors, employees, legal representatives, successors and / or assigns, of and from all claims, cause of action, charges, debts, dues, sums of money, demands, or otherwise, known, or unknown, in law or equity, accrued or unaccrued, contingent or non-contingent, arising at any time up to and including the Separation Date.”