Trenton, New Jersey. Worker Adjustment and Retraining Notification (WARN) letters filed by big corporations in New Jersey are expected to result in the elimination of thousands of jobs throughout the state. The layoffs, which occurred in a variety of areas, including manufacturing and healthcare, highlight serious economic difficulties that will persist into 2025.
Governor Phil Murphy of New Jersey and the Democratic Party, who have been praising President Joe Biden’s economic achievements, are not pleased with the news.
One of the biggest contributors to the impending layoffs, CarePoint Health, plans to eliminate 2,602 jobs at its locations in Bayonne, Jersey City, and Hoboken by December 12, 2024. The healthcare industry and the communities these facilities serve have been severely harmed by the closures.
Significant staff reductions are also being planned by a number of large firms. Beginning in April 2025, Newark-based Prudential Financial plans to lay off 238 employees. By the end of December 2024, Johnson & Johnson Services in New Brunswick will also lay off 231 workers. Bristol Myers Squibb plans to lay off 274 employees in several stages, starting in December and ending in late 2025.
The pharmaceutical and technology industries are also impacted; Novartis Group in East Hanover is laying off 139 staff through phased layoffs that will last until 2025, while Siemens Healthcare Diagnostics in Flanders is cutting 62 personnel. Verizon, Walmart, AT&T, CVS Health, and Samsung Electronics America are among the other well-known companies that have issued WARN letters; taken as a whole, these companies will eliminate hundreds of jobs in New Jersey.
According to the WARN Act, businesses with 100 or more workers must inform state and local authorities when at least 50 people will be laid off. Despite being required by law, these warnings frequently serve as a precursor to more significant changes in the economy.
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