Japan chipmaker Renesas to boost job-cut scheme
Published on Jan 17, 2013 12:43 PM
TOKYO (AFP) - Struggling Japanese chipmaker Renesas Electronics said on Thursday it planned to widen an early retirement scheme as it scrambles to cut costs to shore up its bleeding balance sheet.
The company said it had proposed to its labour 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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!