Sriram Ramkrishna, a senior community manager at Intel, lost his job after 20 years due to company layoffs. His wife also lost her job on the same day, making their financial situation challenging. Despite a severance package and savings, Ramkrishna faces tough job competition in the tech industry.

Recent data shows a rise in job cuts by tech companies, including Intel, Amazon, Alphabet, and Meta. Layoffs are attributed to advancements in AI technology. CEOs like Klarna’s Sebastian Siemiatkowski predict significant changes in knowledge work due to AI development, leading to more job cuts and increased competition in the market.

The job market is becoming more competitive due to cost-cutting measures, with fewer job openings and more applicants. Experts advise building a strong emergency savings fund and paying off debts to prepare for potential job loss. Networking and utilizing money management apps can also help manage finances during challenging times.

Read more at Yahoo Finance: Portland man with 20 years experience at Intel lost his job, and then his wife did too. Are your finances shock-proof?