The global assault on jobs 5 June 2019

The Australian telecom giant Telstra announced Tuesday that it would eliminate the jobs of 10,000 contract workers over the next two years, after having laid off 5,000 contractors last year.

The layoffs come as Telstra moves up its “T22” restructuring plan to slash the jobs of 8,000 direct employees—a quarter of its workforce—by the end of 2022. It is now cutting 6,000 direct jobs over the next several months in order to include the US$1.75 billion in savings in its 2019 financial reports.

An article in the Sydney Morning Herald titled “Investors cheer as Telstra wields the axe on costs” summed up the attitude of the corporate-financial oligarchy to the destruction of workers’ livelihoods and families.

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