Jan 27, Kathmandu: German tech company SAP (SAP) is going to cut 3000 employees this year. This number is 2.5 percent of his total employees. Earlier, tech companies like Google, Microsoft, and Amazon have also decided to cut employees.

SAP has about 12 thousand employees from all over the world. About 3,000 of them will lose their jobs. More than 200 employees will be cut at the headquarters. According to the news agency Reuters, this company wants to reduce its costs in 2023.

The job cuts will cost the company 250 to 300 million euros in the first quarter of 2023. The company's Chief Financial Officer Luca Music says this restructuring is estimated to save 300 to 350 million euros annually from 2024. The company believes that this will help increase investment in strategic development.