NEC to lay off 1,200 temp workers

The NEC Electronics Corp. group will lay off 1,200 of its 1,400 temporary workers by the end of March, Kyodo News reported Thursday, citing company officials.

The major Japanese semiconductor manufacturer is not to renew the employment contracts of the temporary workers at its eight production plants and subsidiaries in Yamagata, Shiga, Kumamoto and other prefectures.

The ongoing global recession, which has greatly dampened semiconductor demand, forced NEC to make the decision to substantially reduce production, and cut jobs in consequence, said the report.

Source : ChinaView
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]