In ASIA Contractors are also not affected
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Assume you're being axed. Especially if you're an intern. Avago hates interns.
In the US, your contract will not get extended. They might offer to hire permanently but at 50-75% of what the median pay is for what you do.
Depends on where you are and how much you get paid. If you're in the US and are a contractor, the chances of getting fired are higher since the pays are much higher than full time employees. If you are in India the chances are much lower since you're paid peanuts and not much to gain, unless your whole division gets Hock'ed. Moreover, contractors generally don't have a notice period nor are they entitled to severance.