New Delhi, Oct. 28 -- If you thought a job at Microsoft, one of the world's largest software companies, guaranteed job security, think again. The tech giant is offering voluntary buyouts to around 60,000 employees, nearly 27 per cent of its workforce, as it looks to cut costs and channel more money into artificial intelligence (AI). Employees at the vice-president level and below in select teams across India, Canada, the UK and the US are eligible for the scheme. The move is another sign that 2026 is shaping up to be a year of widespread layoffs.
According to Layoffs.fyi, tech companies had laid off 135,446 employees across 333 companies as of October 28, 2026, an average of around 450 job losses every day this year. The cuts extend beyond the technology sector. British banking major Barclays plans to eliminate 5,000 jobs, around 5 per cent of its workforce, as it deploys AI and other technologies to streamline operations. American Express, meanwhile, plans to cut approximately 3,500 jobs, or about 5 per cent of its global workforce, despite reporting stronger earnings and raising its profit outlook for 2026.
US-based AI data services company Innodata has reportedly handed pink slips to nearly 550 employees in India without prior notice. Earlier this year, companies such as Amazon, Meta, Oracle and Walmart also announced workforce reductions. Netflix has reportedly laid off around 1,000 employees, representing 6 per cent of its workforce, in what has been described as its largest layoff to date.
AI has emerged as a major driver of workforce reductions this year, although it is far from the only factor. Companies including Block, Coinbase and Standard Chartered have acknowledged that AI is taking over tasks previously performed by employees, contributing to decisions to reduce headcounts. As businesses increasingly invest in automation and AI, concerns over job security are spreading well beyond the technology industry.
Published by HT Digital Content Services with permission from Millennium Post.