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Panasonic will cut over 1,000 jobs after revenue fell to 25-year low

Panasonic will eliminate more than 1,000 jobs in Japan later this month through its early retirement program as part of a planned restructuring. This was announced by a source citing the words of an insider familiar with the issue.

Panasonic will cut over 1,000 jobs after revenue fell to 25-year low

A voluntary retirement program for employees with 10 or more years of service will be implemented as the company reformed its business units on October 1, before transforming into a holding company next year.

The roughly 1% cut in Panasonic’s workforce of about 100,000 people in Japan is markedly smaller than the roughly 13,000 job losses that followed a similar pattern in the early 2000s.

In April next year, the electronics giant will turn into a holding, and its divisions will become separate companies. This is expected to speed up decision-making and facilitate the development of independent strategies.

Panasonic’s sales in the fiscal year that ended March 31, due to the pandemic, for the first time in 25 years, were less than 7 trillion yen.

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