Japan chip-maker Renesas to boost job cuts in attempt to stem bloodloss
AFPTOKYO -- Struggling Japanese chip-maker Renesas Electronics said Thursday it planned to widen an early retirement scheme as it scrambles to cut costs to shore up its bleeding balance sheet.
January 18, 2013, 2:17 pm TWN
The company said it had proposed to its labor union that more than 3,000 jobs be added to an existing plan to slash 11,500 positions through voluntary reductions and factory floor cuts.
“Now the total number of job cuts is expected to reach about 15,000,” a Renesas spokeswoman said, adding that no upper limit had been set on reductions, which amount to about one-third of its workforce.
Employees aged 40 and over would be eligible, the company said.