PANASONIC LAYOFF: Panasonic to cut whopping 15000 (5%) jobs

Panasonic job layoff

Panasonic has decided to cut 15000 jobs worlwide. Panasonic will close some 27 plants worldwide, most of the plants being Plasma TV plants. Naturally the jobs related to those plants will be the most affected. The company has reported that half of the job cuts would take place in Japan while the other half, i.e. 7500 jobs would be cut worldwide. This job cut would be implemented by March 2010. Panasonic employes around 300,000 workers worldwide and hence the above job cut represents roughly 5% of its total workforce.

Recession - Reasons for Panasonic Job Layoff

Several electronics majors, first Phillips, then NEC, then Hitachi have predicted a slow 2009 and have already cut thousands of jobs. Panasonic expects to make a huge annual loss of $4.2 billion for the financial year ending on March 31. This will be the first loss of the company in six years.

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