NEC Layoffs Job Cut: fires 20000 employees: Finance Trading Times

NEC Layoffs Job Cut: fires 20000 employees

Now company NEC has decided to go for a big NEC Lay offs or NEC Job Cuts. The economic crisis is hitting all sectors and the Japanese electronics Giant seems to be giving in to the pressure. It is learnt that these layoffs are being done because of the mounting losses, declining sales and to save costs. NEC Layoffs

How many employees will be fired by NEC layoffs?
All together, around 20,000 employees may be asked to leave their jobs at NEC. That will be around 14% of the total global employee headcount at NEC. Out of this, 7% will be company's permanent workforce, while another 7% will be the temporary and contract staff.

How many employees does NEC have?
There are about 150,000 employees at NEC.

Which locations or plants will be affected by the NEC Layoffs?
No such information is available, but it is learnt that the layoffs will be done on a global basis at various global locations.

How much savings can be made by NEC Layoffs?
No information is available about that.

When will the NEC layoffs happen
The layoffs are expected to be done by March 2010.

What are the primary reasons of NEC Layoffs
The worsening global economy means that there is a decline in sales and businesses. NEC announced the job losses after saying it expects a net loss of 290 billion yen (3.2 billion dollars) in the year

Which class or segment of the employees will be affected by the NEC layoffs
Half of the job cuts are to come from NEC's 150,000 permanent employees worldwide, while the remaining 10,000 will be temporary and contract workers

Any other news about NEC?
As per Associated Press, NEC's net loss for October-December swelled to 130 billion yen ($1.46 billion) from 5.2 billion yen a year earlier as the global slump hit semiconductors and other businesses, it said Friday. Tokyo-based NEC said it would sink into the red for the full year through March, as well.
The job cuts, which include nearly 7 percent of the company's permanent work force, will be completed by March 2010 and are part of a broader plan to restore the company's profitability. NEC also aims to cut 80 billion yen in overhead costs at struggling semiconductor subsidiary NEC Electronics over the next two fiscal years.
Let's hope that alternative jobs are available to the affected employees of NEC Layoffs Job Cut
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