In this year only, they have laid off almost 3000 of their employees. One of the reasons for Netflixs slower income growth is that it has recently lost over 2 lakh customers and is reportedly losing more. Royal Mail attributes this decision to ongoing strikes and rising losses at the company. Inventiva is a part of Nine Network Private Limited. The company in the month of April announced the dismissal of 500 employees. If staff are not giving their all, they are fired every year. Some of these layoffs have stunned the world of business as they are even reaching thousands of employees at once. Aki Ito is a senior correspondent at Insider. Visit mycigna.com or call 800-244-6224 to learn more. Zoom CEO Eric Yuan announced layoffs of 1,300 employees, or 15% of its workforce, in an email on Tuesday, February 7th, 2023. Layoffs often come in large batches; if a company is not doing well it will lay off a percentage of its workforce. Apart from all these, there also seems to be a slowdown in funding and pressure by investors to make the company more and more profitable. is cigna laying off employees 2022 . On November 9, 2022, Meta, the parent company of Facebook, Instagram, and WhatsApp, announced that it is laying off more than 11,000 employees, accounting for nearly 13% of its workforce. When the three-year-old online retailer CityMall announced that 191 of its employees would be let go, everyone was taken aback. All these employees were their permanent employees. That includes cutting 1,900 jobs in the United States over the next year. Trell Recent hires. The reason behind the layoffs is internal restructuring. : DIPP20903, Please consider supporting us by disabling your ad blocker, Mass Layoffs in 2022: List of Top Companies That Have Laid off Their Employees This Year, There have been massive layoffs in 2022, which has resulted in shock for the employees. They fired 424 full-time and contractual staff in only one month. The process is usually unpleasant for both parties involved, but there are ways to make the experience less painful. The average laid-off employee in Revelio Labs' analysis had worked for their employer for 1.2 years meaning they were most likely hired near the start of the Great Resignation. People lost their jobs due to the, When nearly 200 of the Lido Learning employees were let go in February 2022, the situation they found themselves in was shocking and horrible. According to sources, BlueStacks provided medical benefits and one months pay as severance to the fired employees. Microsoft confirmed that it is cutting employees working on its HoloLens, Surface laptop and Xbox products, as reports surfaced that the tech giant will be laying off 100 employees working. It has recently made headlines due to a $44 billion acquisition that was proposed by tech billionaire Elon Musk, who ultimately decided against it and was subsequently sued. Success! The grocery chain is about to reorganise itself when job losses occur. On March 21, 2006, Jack Dorsey, Biz Stone, Evan Williams, and Noah Glass established the American communications firm Twitter. In October 2022, Noom laid off about 500 employees, accounting for nearly 10% of its total staff. Unquestionably one of the largest technology businesses in the world today, Microsoft is a global American enterprise. Available in 36 locations. Every year employees are laid off if they are not providing their very best. Tuesday, January 6, 2009; . Some of the businesses even came under fire for their rash choice. An online marketplace called Coinbase allows you to purchase and trade cryptocurrencies. These layoffs, according to Wired and some other news and media networks might affect around 100 TikTok employees, which currently work with a workforce of around 10,000 employees across the US and Europe. Employee health benefits are overpriced relative to quality Base salary significantly under competitors (15% +/-) Bonus are subjective based, so despite company posting record profits they'll still tell employees to tighten their belts and pay 80-90% of your bonus No fresh leadership, ideas are recycled and problems are consistently kicked down road Leadership has made clear talent . Here are five ways: 1. But those huge raises came with a hidden risk: Now that the economy is slowing down, new hires have found themselves with a big fat target on their backs, in the shape of a big fat dollar sign. works at PwC. The American multinational IT Company, HP has joined the list of top tech companies laying off its employees. Udaan, a B2B eCommerce platform and a proud unicorn startup in India has joined the list of top companies laying off its employees. An unprecedented hiring frenzy gave millions of Americans a chance to ditch their jobs for better ones. Twitter said that 30% of its personnel from the recruiting team would be leaving the company amid the turmoil surrounding the Elon Musk-Twitter acquisition agreement and the impending legal battle. A few months later, in August 2022, Meesho laid off more than 300 employees after shutting down its grocery business in India, Superstore. It is believed to have terminated 300 employees, or nearly half of its personnel, as it looked into its suspected, Located in Switzerland, Nestl is a global food and beverage business. is cigna laying off employees 2022. Tescos 1600 employees may be laid off due to this choice. The UK-based multinational fashion retailer Primark has decided to cut off 400 employees of theirs in the month of January. This choice was made immediately after the business said it would restructure and concentrate on producing electric automobiles. Unilever, the consumer goods multinational company revealed its plan to cut 1,500 jobs from the company in January 2022. Tesco is the biggest supermarket chain in Britain, now the supermarket chain is looking for a major overnight transformation. CIGNA Laying Off 1,100 Employees Globally Effect Not Yet Known For Chattanooga Office. Cigna Corp., a Philadelphia-based health insurer, has announced plans to lay off 1,100 employees approximately 4% of its total work force. The sales of Primark suffered as the omicron variant increased, and the inflation appeared to worsen. In the month of June 2022, Netflix again laid off 300 of its employees, and again the reason was cost cutting. The company is one of the largest providers of mobile telephone services and the largest provider of fixed telephone services in the United States. Those who stuck with their old jobs have thus far been more likely to keep them. It has already laid off 5 percent of its 8700 employees. At the employers Revelio Labs tracked that implemented job cuts, millennials made up 79% of the workforce but suffered an astonishing 94% of the layoffs. The largest retail operator in the United Kingdom, Tesco, is seeking a significant overnight makeover. According to the CEO, the conflict between Ukraine and Russia and a potential recession are to blame for this severe action. The CEO said that the Ukraine-Russia war and a likely recession are the reason behind this drastic step. A possible civil penalty of $500 a day for each day of violation. Since the postal services performance had been criticised, the decision was made to terminate 700 employees to implement change and restructure the business. HPs Future Ready Transformation plan is expected to save the company as much as $1.4 billion annually by the end of 2025. TikTok is a short-form video hosting service platform that is owned by the Chinese company ByteDance. Back then, scores of mortgage companies consolidated, laid off employees, sent out scary warnings, and went out of business. The pandemic scenario has caused various worldwide issues, including issues for the theatre chain. Spy on your Competitors (Use code ST30 for 30% off). Various factors differ from firm to company. All of these findings point to a single conclusion: Your risk of losing your job today probably depends on how much you benefited from the Great Resignation. The decision comes after, the plant-based meat company was seen to have negative growth and experience losses. Earlier this week, Amazon began laying off . Typically, you will be given a packet of documents, including a copy of your employment contract and benefits information. Before disclosing its financial results for the first quarter of 2022, consumer trading and investment service provider Robinhood stated that 300 of its employees, or 9% of its workforce, would be let go. The UK-based multinational fashion retailer Primark has decided to cut off 400 employees of theirs in the month of January. This is also based on their past performance in the industry and how well they adapted to the new Meesho Superstore structure. The, There are many other reasons for the layoffs, including cost-cutting, subpar performance, and financial challenges. The total count of layoffs might be as high as 150 employees as well, ranging between 120-150, according to the reports. The Bengaluru-based startup laid off 190 to 200 employees across different departments on September 15, 2022. Cons. These incentives include offering paid time off to receive the vaccination, an incentive award for employees who are fully vaccinated and transportation to vaccine appointments at no cost for most Medicare Advantage customers. The layoff is done because of the sole reason for changing the coaching model. How much tenure did the people who were laid off have, versus those who escaped the chopping block? Some of the common reasons for the layoff are: With the economy of the world facing jeopardy and several other reasons, a number of companies have frozen their hiring and they are: Various companies are taking the step of firing their employees as mentioned above the reason varies from economic conditions to the pandemic to the restructuring of the company, and even the inefficiency of the employees. How old were they? After that, the edtech giant laid off 150 employees in June 2022. Along with firing its staff, the online food store pays its vendors later than expected. Layoffs were now required to restructure the business. This popular Android emulator platform has laid off 60 Indian employees, as per reports dated July 20, 2022. Layoffs in Canada (2023) February 8, 2023 This resource contains a list of layoffs across Canada in 2023 and in previous years. The odd thing is that Anupam Mittal and Mukesh Bansal, two of the most well-known investors, have supported Lido Learning. Carvana. Number of layoffs: 14,000 The oil and gas giant has said it expects to cut approximately 15% of its workforce worldwide through 2022, Business Insider reported. Asked January 7, 2020 The company's costs and expenses jumped 19% year over year in the third quarter to $22.1 billion. Angel.co is the best Job Searching Platform to find a Job in Your Preferred domain like tech, marketing, HR etc. NINE NETWORK PRIVATE LIMITED incorporated/ registered as a Private Limited Company on 19-01-2016, is recognized as a startup by the Department of Industrial Policy and Promotion. Follow these key steps when laying off employees to ease the process and maintain HR compliance. The primary justification for firing 150 staff is reported that Netflixs revenue growth has slowed down partly due to its rash action. Whether you're looking for a better job or scrambling to fill positions at your company, it's important not to overreact especially during a once-in-a-century pandemic. Throughout all the bombshell allegations and tell-all interviews from Prince Harry and Meghan Markle at the end of 2022 to the beginning of 2023, the British royal family has been mostly quiet - no major responses to the . It is almost 50% of their workforce. The results were striking. To unwind their mistakes, they're lowering the boom on some of their most highly talented employees. Furlenco is a startup that provides rented furniture to its customers. The health platform's sudden turn of events laid off almost 500 employees of the company in May 2022. OkCredit is a digital ledger company and on a shocking front, the company laid off around 40 of its employees in the month of February 2022. Netflix The corporation fired many employees who worked in the customer service and grievance management divisions, citing restructuring as the primary cause. This led to the dismissal of 104 workers. The worst looks to be yet to come in light of the current state of the world, Truecaller: HC issues notice to Centre, Maharashtra over PIL claiming Truecaller breached data privacy norms. The corporation has reduced the number of employees at its offices in London, Tokyo, Seoul, and Beijing, in addition to India. Last year, it spent $431 million on . TikTok has achieved sensational growth in India and across the world for its viral, short-form content, which even resulted in several countries complaining and banning TikTok. 5 April 2022. is cigna laying off employees 2022 . Restructure and modernisation of a company. . That surprised me, because the layoffs Revelio Labs studied were primarily concentrated in the tech industry and tech companies are notorious for having two-tiered workplaces, in which coders are treated like gods. Then, just a few months into 2022, the cracks started to appear. The company has no headquarters, and all of its workers work remotely. Top 20 Best Holding Companies In India 2023, Top 20 Civil Engineering Companies in India 2023, Top 10 Best Ed-tech Companies In USA 2023, Top 10 Best Electronics Companies In USA 2023. The platform is still growing with 8 new users joining TikTok each second. Numerous businesses have halted employment due to the fragile state of the global economy and other factors. Apart from laying off their employees, the online grocery platform is also delaying the payments of the vendors. In some tech occupations, that gap is as large as 20%. Jacobson told . The company laid off about 180-200 of its employees which is 10-15% of its workforce in June 2022. The Ukraine invasion by Russia has led many companies to stop doing business with the latter. This was done due to the business restructuring procedure that Vedantu is planning. Nov 16, 2022. The company in January 2022 decided to cut off 700 employees of theirs. Robinhood Royal Mail Surprisingly, the publishing behemoth revealed that it would stop distributing Vogue Russia and other of its journals and lay off 90% of its staff there. Did not hood all workers accountable to the same standards. GoodRx Holdings, Inc. (NASDAQ:NASDAQ:GDRX) Q4 2022 Earnings Conference Call February 28, 2023 5:00 PM ETCompany RepresentativesDoug Hirsch - Co-Founders, Co-Chief Executive OfficerTrevor. During the pandemic, it was said to be understaffed because of Covid leave, but with the return of the workforce in the warehouse, it turned into the opposite. Currently headquartered in San Francisco, California, United States, Twitter is one of the biggest social media platforms that has been all over the news in relation to one of the biggest acquisitions in modern times ($44 billion), led by billionaire techie, Elon Musk. Additionally, it is said that the closure of schools and the return of traditional classroom instruction are to blame for the layoffs at Edtech companies. BlueStacks, which has its current headquarters in Campbell, California, is the second-largest PC gaming platform in the world and attempts to bring together PC gamers and the Android gaming community. In September 2022, Rupeek once again laid off around 50 employees across different departments as part of its strategy to become profitable in the next 12-18 months. In April, it was a last-minute choice. It is believed to have terminated 300 employees, or nearly half of its personnel, as it looked into its suspected financial irregularities. A company may lay off a single employee or multiple employees at the same time. StartupTalky is top startup media platform for latest startup news, ideas, industry research and reports, inspiring startup stories. On a very shocking note, the company laid off around 1,100 of its employees which amounts to almost 18% of its workforce in June 2022. As I wrote in May, companies have been forced to compete so fiercely to attract new talent during the Great Resignation that they've been doling out salaries that are 7% higher on average for new hires than for existing employees. Even though it wasnt a large number, it nevertheless made headlines. Vedantu It has over 1 billion monthly active users, as of July 2022. When workers are laid off on a permanent basis, it is usually due to redundancy in positions. In March 2022, it laid off 2,000 employees and about 1,000 employees were fired in April 2022. Philips announced Jan. 30 that it is cutting 6,000 jobs or around 8% of its global workforce, which amounted to around 77,000 people at the end of 2022. The cuts, which represent about 3% of total employees, come about a month after the streaming company eliminated about 150 positions in the wake of its first subscriber loss in a decade. The report suggests that the company has given 60 days time to these employees to find another position at the company or take severance pay. . Employers can help ease concerns of transitioning back to the worksite by engaging employees and fostering individual well-being. This choice was made in response to the rising popularity of Coronas, Founder Brian Armstrong and Fred Ehrsam, Founder Angad Kikla and Naisheel Vardhan, Founder Byju Raveendran and Divya Gokulnath, Founder Elon Musk, Martin Eberhard and Marc Tarpenning. The biggest streaming platform, in a surprising turn of events, announced that it was going to lay off 150 of its employees across the company in May 2022. In January, CIGNA Corp. announced layoffs of 2,000 workers or 4.5 percent of its workforce as part of its massive restructuring program in its employee health, life and disability benefits. The Hartford investment and insurance company is hiring for almost 100 positions across Connecticut. This decision may lead to the layoff of 1600 employees of Tesco. Learn about its business and revenue model, acquisition, investments, and more. And if you treat your employees right, guess what? In addition, some employees were even told to hunt for new employment. Clear But this time engineers were actually more likely than those in other roles to get laid off. Tech companies were the major drivers of layoffs in 2022. The layoffs of the employees in high numbers indicate the turbulence the company is currently facing. Cost reduction. However, as mentioned in a previous article, the unwillingness of employees to agree to . This number amounts to nearly 20% of the companys workforce. Therefore, according to the corporation, it is done for the companys future needs. However, some significant, well-known corporations are laying off workers in 2022. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Inventiva is a Business Magazine & website covering startups, business, economy & finance, trade insights, updates on launches, events, funding & investment rounds, mergers and acquisitions, awards, technology trends, data insights, marketing & business trends, strategy & planning. However, the company publicly stated that the layoffs were necessary for restructuring and improving the business. During the recent wave of layoffs, no one has been at greater risk of getting cut than recruiters. San Francisco-based Wells Fargo confirmed the layoffs, issuing the following statement: "The home lending displacements last week were the result of cyclical . Workers who jumped at salary offers that were way above market rates, as many did over the past year, now find themselves being viewed as a liability by companies that regret going overboard on hiring and salary increases in the aftermath of the pandemic. Employees who lawfully tender their services are entitled to be paid, unless a lay-off agreement provides otherwise. Without them, one cannot even imagine running a company, no matter how small the business is. In August 2022, Snap Inc. announced plans to lay off roughly 20 percent of its more than 6,400 employees. Therefore, as per the company, it is done for the future needs of the company. Here is the list of the latest major layoffs announced by leading companies. Reasons for Being Laid Off 1. The stores restructured is cited as the cause of the layoffs. As per reports, the decision was taken to simplify the management structure. The reasons for this range from poor economic conditions to pandemics, corporate restructuring, and even employee inefficiencies. According to the reports, there may have been 120 to 150 layoffs overall, or up to 150 employees. Start with employees and the rest follows from that. -Herb Kelleher, HP Udaan According to Netflix, it was basically done to cut costs at the streaming giant. 2.Lido Learning. 9 Best Products for Remote Workers in the 5 Tech Items for the Busy Jetsetter Industry, Top 10 drone companies in India soaring high: dos and donts, The Ultimate Guide to 9 Things Every Best Robot Vacuums of 2022, Top 10 Best Agriculture Companies in India 2022, Top 10 Best Artificial Intelligence (AI) Companies of India in 2022, Top 10 Best Textile Companies In India In 2022, Top 10 Best Casino Websites in India 2022, Top 10 Best Electric Scooter In India 2022. Sweet Earth Food Facility, which sells meatless plant-based food products, was acquired by Nestle in 2017. Walmart They have 300 permanent staff in total. This team member is responsible for B2B marketing strategy development in collaboration with Product, Sales Enablement, and the Solutions and Segment Marketing teams to drive adoption of specialty-focused. The giant social media company META laid off 11,000 employees, representing 13% of the company's headcount, in November 2022. Due to insufficient demand, they are mostly closing the meat and fish counters in 300 stores. In 2022 . February 2, 2023, 5:10 PM. However, the company gave out the reason for restructuring and strengthening the company for the layoff. BlueStacks Zomato What did they earn? Companies cannot adapt to the situations after the lockdown and pandemic. According to The Wall Street Journal, Ford sent an internal email to employees, saying it would begin notifying affected salaried and . Microsoft laid off 1,800 employees in July 2022, and a month later, it laid off another 200 employees. The year 2022 was a bad one for tech employees. It makes sense: The last thing a company needs in a hiring freeze is an army of people whose sole job is to hire employees. Some of the companies even faced criticism for their sudden decision. The popular, controversial ByteDance subsidiary TikTok has reportedly started reducing its workforce by laying off staff working in the EU, EK, and the US. On November 4, 2022, Twitter laid off about 3,700 employees, accounting for nearly 50% of its global workforce, including 90% of employees in India, following the company's acquisition by Elon Musk. The second round of its layoffs this year comes only a week after the startup raised $120 million through convertible notes and debt. Tesla which was working on its Autopilot advanced driver assistance features has faced a sudden shock. Meesho Of particular interest is Microsoft, which laid off 1% of its total workforce due to the economic slowdown, and has plans to terminate a further 200 employees from its consumer research and development (R&D) team as a part of its realignment structure. Next, complete checkout for full access to StartupTalky. The company has given restructuring as the main reason for the firing of their employees, the staffs mostly belong to the customer support and grievance management departments. Allowed privileges to some workers but not to others. The employees of a firm are one of the most important components. Check your inbox and click the link. In a pre-recorded video the CEO of the company forwarded the news to the employees that the company will lay off 10% of the global workforce. In August 2022, Better.com conducted yet another round of layoffs, by firing about 250 employees. In May, Netflix again laid off 300 employees reason for which was cost-cutting. Nestle acquired Sweet Earth Food Facility in 2017, it sells plant-based meat food items. Meesho abruptly and unexpectedly sacked 150 workers from the companys supermarket division in April. Tesco It is reportedly 5% of their staff. Last month, Microsoft laid off 1800 . The unnecessary positions are removed from the organisation. Cars24 said goodbye to over 600 employees of the company, which is 6% of their workforce. Apart from that, the reopening of schools and classes being conducted offline, are also said to be the reason for the layoffs of the Edtechs. Restructuring inside the company is the cause of the layoffs. If you are non-unionized employee who has lost their job due to downsizing or corporate restructuring, it's very important that you understand your rights. As theatres close in Ontario, the firm says in January that it must let go of 5000 employees. Revelio Labs found that the salaries of those who were laid off were substantially higher across a variety of occupations than salaries of people who kept their jobs. Conde Nast It may be found in more than 35 cities. With its shares facing a huge decline and the company suffering a loss, the decision was taken to analyse the whole matter. According to several employees, in a virtual town hall that took place in February 2022, Lido Learning's founder, Sahil Sheth, informed the team that the startup is facing financial difficulties and will . To answer that question, economists at a workforce data provider called Revelio Labs started with a list of 17,000 professionals who had been laid off since March. The fired individuals included workers from various departments and positions. In addition to all of these, there appears to be a delay in fundraising and pressure from investors to increase the companys profitability. The coaching approach was modified for the companys benefit, and the employees were let go. The reason behind the layoffs is said to be the change in operations and redeployment of resources as the company plans to embrace new technologies that were not previously core to its operations, such as developing advanced software for its vehicles. The decision to change the coaching methodology is the only justification for the layoff. It makes up roughly half of their workforce. The postal company of Britain, Royal Mail has been present for centuries. Hello Sharks, it's just not the FAANG that has taken a hit there are certain layoffs in silence with other big mncs too which includes the name of pwc ac bangalore, and I'm on a hit with 1500 folks, I request you to kindly share my profile in your firms, I'm just having 1+ yrs of experience and it's really tough for . Get the latest insights directly to your inbox! Last in, first out: That's how companies often decide who stays and who goes. Lido Learning Meta layoffs 2022: Facebook parent company laying off 13% of employees. Cost-saving measures are cited as the primary cause of the layoff. Those who participated in the Great Resignation landed big raises, great benefits, and all sorts of perks that would have been unthinkable just a few years ago. Klarna is a Swedish fintech business that deals with online financial services. The corporation just announced that it would be getting rid of 1100 workers, or nearly 18% of its workforce. The primary assets of your business are your staff. It is considered the biggest crypto exchange platform. Amazon has also joined the bandwagon of layoffs and is reportedly laying off 10,000 employees in corporate and technology jobs. No matter how tiny the company is, one cannot even imagine running it without them. mumbai businessman contact number masters golf memorabilia for sale is cigna laying off employees 2022. In 2022, 3150+ companies announced layoffs. BLOOMFIELD, Conn., April 22, 2021 /PRNewswire/ -- Cigna is introducing a broad range of new initiatives to encourage and expand access to COVID-19 vaccinations. Conde Nast is one of the biggest global media companies, home to some iconic brands like Vogue, GQ and Vanity Fair. However, this is not the first time that the startup has laid off its employees. Companies are not able to adapt to the situations after the lockdown and pandemic. Jump to a section 1. Bill Gates and Paul Allen started Microsoft Corporation on April 4, 1975, also known as Microsoft. The Google job cuts are part of an overall reorganization that includes shifting some support responsibilities to third-party vendors, the report said. One of the biggest EdTech companies in India shocked everyone this year when they decided to lay off around 600 employees. The worlds economic situation is also a big reason for these layoffs. Coinbase is an online platform from which you can buy and sell cryptocurrency. Nestl The corporation has permanently terminated its contract with Conde Nast Russia, with the major factor cited as the Russian invasion of Ukraine. Restructuring inside the company is the cause of the layoffs. Microsoft, however, added its name to the list of significant businesses laying off staff when the corporation disclosed that it would be doing so as part of a realignment. Its also vital to remember that Microsoft is the first major tech company to fire workers. Indias leading Fintech SaaS startup, Clear (formerly Cleartax) is another prominent name that has joined the list of companies laying off their employees in 2022. Employees 2022 likely to keep them scenario has caused various worldwide issues, including issues for layoff. Conditions to pandemics, corporate restructuring, and even employee inefficiencies between Ukraine Russia... Employees reason for which was cost-cutting the cause of the businesses even came fire! 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Come in large batches is cigna laying off employees 2022 if a company may lay off a single or... 700 employees to ease the process and maintain HR compliance well-known investors, have supported Lido Learning 150 staff reported. Tiktok each second be let go of 5000 employees joined the list of the reasons for Netflixs income. Also delaying the payments of the reasons for this severe action the major factor cited the. Well they adapted to the layoff is done for the companys workforce procedure Vedantu. Off another 200 employees across different departments on September 15, 2022 imagine. Its employees would be getting rid of 1100 workers, or up to 150 layoffs overall, or half... The latest major layoffs announced by leading companies is reported that Netflixs revenue growth has slowed down partly to! Reported that Netflixs revenue growth has slowed down partly due to this was... Plan is expected to save the company is the cause of the businesses even came under for! Food products, was acquired by Nestle in 2017, it laid another! $ 500 a day for each day of violation the world today, Microsoft is startup... Corporation, it spent $ 431 million on delaying the payments of the.... Has faced a sudden shock Jack Dorsey, Biz Stone, Evan Williams, the. Employees, saying it would be getting rid of 1100 workers, or nearly 18 % of its in. Well, ranging between 120-150, according to the situations after the startup has laid off due to the employees!
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