Panasonic to lay off 5,000 Employees
It seems economic volatility and reduced demand are taking a toll on profit margins. In this tough economic environment, companies are forced to reduce their workforce. The latest in the list is Panasonic which is preparing to lay off about 5,000 employees.
During a presentation to analysts and investors in Tokyo, Yoshihiko Yamada, the head of the automotive and industrial division, shared his views. He said, "A reduction in labour costs will be a big part of our plan to improve profitability.”
As per the latest information, Panasonic will lay off workers from its automotive and industrial division over the next three years.
Panasonic's automotive and industrial division covers automotive components, semiconductors, production machinery. Presently, it employs 110,000 people. To the reader’s surprise, this is nearly one-third of Panasonic's total workforce.
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