According to reports, Samsung Electronics plans to reduce its global workforce by up to 30% across multiple departments. The job layoffs will mostly affect sales, marketing, and administrative professionals throughout the Americas, Europe, Asia, and Africa. Sources with firsthand knowledge of the situation indicated that the decrease will be finished before the end of the year.

Samsung, the world's largest manufacturer of smartphones, televisions, and memory chips, said in a statement that the staff changes are standard and meant to boost productivity.

The corporation stated that no particular job cutbacks objectives have been established, and production employees would not be affected. Samsung has around 267,800 employees worldwide, with more than half of them based overseas.

According to the company's most recent sustainability report, the sales and marketing teams have about 25,100 people, while the administrative functions have 27,800.

The move comes as Samsung confronts problems in a number of important sectors. The company's semiconductor sector, a significant revenue generator, has taken longer to recover from an industry slowdown, resulting in a 15-year low in earnings last year.

Furthermore, Samsung is facing stiff competition from rivals such as Apple in the smartphone industry and SK Hynix in the high-end memory chip business. In India, Samsung has already began issuing severance payments to mid-level staff, with up to 1,000 positions anticipated to be cut.

According to rumors in China, the corporation intends to slash around 30% of its sales force. The adjustments are part of Samsung's attempts to prepare for a possible drop in worldwide demand for electronic items as the global economy slows.

While it is unknown whether comparable job losses would occur in Samsung's South Korean headquarters, the corporation is dealing with labor turmoil at home, including a recent walkout by a workers' union demanding greater pay.

Samsung Electronics, South Korea's most valuable stock, has dropped to a 16-month low, with some analysts cutting earnings forecasts owing to lackluster demand for smartphones and personal computers.