That's not universal though. My dad's company was bought up by a foreign investor, shrunk over multiple reorganizations from its peak of ~500 people in the 70's or 80's down to a skeleton crew of ~50. They weren't fired, they were told the company was going bankrupt and needed to be emptied out. People who worked there for 40+ years were basically given a few months' pay if that and a "good luck". There's a formula for severance pay; years worked * month's wage, this would give people a lot of leeway to find a new job or just sit out until their retirement, but of course that's very expensive so they weaseled their way out of it through various constructions. Dozens of people fired a few years before retirement, most never found another job again. And the boss kept the company, which is now a shell company / sales / license holder, which the parent company was always after of course because production is cheaper to do in e.g. Poland.