Wednesday, February 4, 2009

Panasonic to cut 15,000 jobs

The Japanese electronics giant and the world's largest maker of plasma TVs Panasonic announced it will cut 15,000 jobs. This job cut announced represents about 5% of Panasonic workforce and will be implemented by March 2010. One half of job cut will be in Japan and the other half at rest of world.
Reason for the layoff :
Due to the economic downturn that hit the world and the down in sales, Panasonic expected a net loss of 380bn yen ($4.2bn) for the financial year ending March 31. It expects to cut costs by 100bn yen in the next financial year.
Other Japanese electronics firms to layoff workforce :
Sony - 16,000 jobs.
NEC - 20,000 jobs.
Hitachi - 7,000 jobs.
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