Ivy Comptech, a subsidiary of PartyGaming based in India, has responded to the U.S. Unlawful Gambling Enforcement Act by initiating retrenchment measures and its 800 some employees are feeling the effects. According to the “Asian Age”, the company has embarked on a series of “right-sizing” measures similar to those of Israeli company Random Logic, a subsidiary of 888.com Holdings, which let go over 100 employees last month. "The company is rightsizing its operations in order to go forward in the best shape in the current business scenario. Over 50 percent of the employees (800 plus) have been told to leave with a financial package," Ivy Comptech spokespersons informed the “Asian Age”. Those affected by the “right-sizing” are employees primarily in entry and mid-level positions. In an effort to help employees that have been let go, Ivy Comptech has prepared a comprehensive out-placement program which hopes to place about 80 percent of the affected employees in similar type jobs located in Hyderabad, the same city in which Ivy Comptech is located. “As part of the out-placement process that began at 3 p.m. last Thursday afternoon, Ivy Comptech held talks with Nipuna Services Ltd and about eight companies are expected to come on Friday to pick prospective employees," the sources informed. “For those who cannot be covered by the nine companies, the services of job consultants would be required”. The sources also added that it is not binding upon any employee to participate in the job relocation process. Nearly 75 percent of PartyGaming’s sales were based upon the U.S. market but the company has had to cease taking bets from U.S. residents since the Unlawful Gambling Enforcement Act went into effect. The company has since started focusing more extensively on the Asian market, showing particular interest in China, the Philippines, and Singapore. Posted on: November 21, 2006
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