Taiwan's Foxconn Technology Group, the world's largest contract electronics manufacturer, will cut its massive workforce. These job cuts taken place due to decline in revenue growth and increased wages in china. Hon Hai Precision Industry Co Ltd which is the trading name of Foxconn is largest private employer in the world with 1.3 million employees.
The company chairman has stated that labour costs had more than doubled since 2010, when the company faced intense media scrutiny following a spate of worker suicides. There is a growth in smartphone sales will halve this year from 26% in 2014, according to researcher IDC, while PC sales will contract by 3%.
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