Agony mounts for Telugus in US after round 2 layoffs | Hyderabad News – Times of India

HYDERABAD: The second bout of layoffs in the US that started earlier this month, has left the Telugu community rattled. Several professionals, including newly graduated students from both Telugu states have been hit by downsizing, pushing local associations to jump to their rescue.
According to the Telangana American Telugu Association (TTA), at least 1,500 Telugu professionals in the US have lost their jobs so far.
“The difficult part is that these layoffs have been continuous and across all major companies like Facebook, Amazon, Google and Microsoft. This has left people with very few options to apply for fresh jobs,” said Vamshi Reddy Kancharakuntla, the newly elected president of TTA. According to his estimates, there are about 70,000 odd job seekers in the market currently.
“The situation is quite bad and is predicted to get worse over the next few weeks because the hiring process is going at a slow pace. I have been receiving multiple calls every day from people seeking support,” said Vamshi Reddy. The association has now set up groups across social media platforms to connect job seekers with companies and even counsellors.
Along with losing jobs, the biggest concern for the professionals are mortgages and visas.
“Many Indians, especially those in Seattle, have bought homes. Several among them have opted for variable loans and the mortgage has doubled in three-four months owing to rising interest rates. So, if they paid $3,000 as a mortgage until mid 2022, it has now shot to $7,000,” explained the TTA president, adding how many are now rushing to their banks to seek help as their mortgages and salaries are not in balance.
Amid this, there’s also the limited 60-day grace period sword hanging over their heads. “Majority of those impacted are H1B visa holders with families in the US. The layoff will impact all of them, including children’s schooling and spouses jobs, as they have only 60 days to find new employment. Else, they’ll have to leave the country. This coupled with financial concerns have left them extremely troubled,” said Ravinder Reddy, vice-president of Washington Telangana Association which too has been flooded with distress calls.

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