31 Jan 2009

NEC to cut 20,000 jobs

10:01 am on 31 January 2009

NEC Corp is to cut 20,000 jobs worldwide to cope with the economic crisis.

The giant electronics company said about 40% of the cuts will be in Japan and the rest overseas.

NEC president Kaoru Yano said on Friday about half would be full-time regular workers. The cuts will be made by March 2010.

Earlier the group said it expects a net loss of Y290 billion ($A4.94 billion) in the current financial year to March due to a slump in sales.