Panasonic will cut over 1,000 jobs after revenue drops

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.

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% reduction in Panasonic's workforce of about 100,000 people in Japan is markedly smaller than the roughly 13,000 job losses in the early 2000s along with a similar pattern.

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 ending March 31, due to the pandemic, were less than 7 trillion yen for the first time in 25 years.

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