NISSAN LAYOFFs huge JOB CUT: 20000 employees to be fired

NISSAN LAYOFFs

Nissan has announced that it will cut 20000 jobs worldwide. Japanese auto giant Nissa employees around 235000 people around the globe and the current massive job layoff amounts to about 8.5% reduction in its total workforce. The job cuts would be made between March 2009 to March 2010, the report said. Nissan has also expressed intentions to talk to the unions to reduce working hours. The above job cut is in addition to the 1,200 job layoffs already announced by Nissan in January in its UK plant in Sunderland.

Reasons for Nissan Job Layoff

The auto company has experienced a sharp drop in sales due to the current economic slowdown. As every other global auto maker, Nissan is struggling and has posted a quarterly loss of $0.81 billion dollars for the quarter which ended on December 2008. Painting a grim picture for 2009, Nissan said that it expects to make a loss of $2.65 billion (or 265 bn yen) in the current financial year.

Nissan is the third biggest Japanese auto maker after Toyota and Honda, and although several global auto giants have announced layoffs, Nissan's job layoff is the biggest job cut by any Japanese automaker so far.

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