Multinational Company Lays Off Thousands despite Stacking Up Huge Profits

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The multinational corporate, AT&T® continues to lay off employees in the United States. This has been reported despite earning a substantial sum in additional profits after the 2017 Tax Cuts and Jobs Act. The company received a $20 billion tax windfall from President Donald Trump. Further, the GOP’s tax cuts towards the latter part of 2017 also helped them with their earnings. However, the New Year has already witnessed the layoff of hundreds of Americans. This could possibly hit the thousand-mark towards the end of the year.

About 150 employees are about to lose their jobs in Syracuse, New York. This comes in the after the shutdown of call centers in Indiana, Michigan, Indianapolis, Kalamazoo, Appleton, and Wisconsin leading to the loss of thousands of jobs. In fact, 2018 saw the termination of 12,000 jobs by the fastest internet provider. However, the company also claimed that the tax cut savings generated would be put into the creation of 7,000 middle-class jobs for the country’s people.

CWA union officials claimed that in spite of the massive profits and billions of dollars earned from the tax cut of 2017, the company continues to outsource its services to countries like India, Philippines, and Mexico.

“AT&T® continues to earn astronomical profits and those profits are not being invested in the communities that it serves and the workers who provide that service,” CWA President, Chris Shelton, commented. “Americans handed over $20 billion in tax cuts to AT&T® because CEO Randall Stephenson promised to invest in America and create jobs. All that AT&T® has created is dividends for its wealthy shareholders. We were misled, and Congress should investigate.”

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AT&T® officials have revealed that the layoff would continue for a few upcoming months. However, they refrained from saying anything about the number of Americans that would be relieved from their services.

The best internet service provider of the country has been reportedly unkind towards their employees. Many of those who were dismissed said that they remained loyal in their service for more than 20 years, and yet did not receive the slightest of consideration while being laid off.

During the time of layoff, the company was busy outsourcing the job to other countries. They have tried to import foreign workers to the state through the H-1B visa program throughout the last three years as well. Meanwhile, 2018 saw the company earning a net profit of about $19 billion and the executives are anticipating a monetary flow of $26 billion in 2019.

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