From the comments, it appears that this laid off employee is from Infosys. It will be some time before this news appears online, the media treats some companies with kid gloves.
The main difficulty will be experienced by people who lead a lavish lifestyle. Many people in their twenties are very fond of Ipods, Iphones, Plasma TVs, Cars and other expensive gadgets, but do you really need them?
Many years ago, I have lived in hostels with a curfew time of 8.00 pm, where breakfast and dinner cost Rs 300 per month (don’t ask me about the quality, I had no choice) , may be that is why I can be happy with very little. Ultimately that could be the greatest advantage I have.