Panasonic Holdings to Cut 10,000 Jobs Globally

Tokyo, May 9 (Jiji Press)--Panasonic Holdings Corp. said Friday that it will cut 10,000 jobs globally to streamline unprofitable operations.

The Japanese electronics group plans to cut 5,000 jobs in Japan and 5,000 jobs overseas from fiscal 2025 to fiscal 2026, including by offering early retirement packages.

It expects to book 130 billion yen in related costs for fiscal 2025.

In an online press conference, Panasonic Holdings President Yuki Kusumi said that the company’s selling, general and administrative expenses are “extremely high” compared to industry peers, and noted that it cannot grow again unless drastic measures are taken.

Kusumi said he will return 40 pct of his total compensation for fiscal 2025 to atone for job cuts.

[Copyright The Jiji Press, Ltd.]