BUSINESS

100,000 lay-offs and counting: is this the new normal?

Business, Published on 28/03/2015

» This time a year ago, the oil industry’s biggest problem was finding a way to deal with the “retirement tsunami” about to crash down on it as older oilfield workers hung up their cork boots. Now, with oil prices still in the doldrums, many of those same workers are lucky to be hanging onto their jobs, while others have been booted from the payroll as an ugly wave of lay-offs takes hold.