Panasonic Holdings to cut 10,000 jobs globally

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 % of his total compensation for fiscal 2025 to atone for job cuts.

For the current year to March 2026, Panasonic Holdings projects a consolidated net profit of 310 billion yen, down 15.3 % from the previous year, on sales of 7.8 trillion yen, down 7.8 %.

For fiscal 2024, which ended this March, the company posted a net profit of 366.2 billion yen, down 17.5 %, due to a rebound in corporate tax payments, which fell in fiscal 2023 thanks to the special liquidation of a subsidiary.

[Copyright The Jiji Press, Ltd.]