Omron to Solicit Voluntary Retirement from Around 1,000 Domestic Employees

Feb 27, 2024 | News On Japan

KYOTO - Omron Corporation, a major electronics manufacturer headquartered in Kyoto, has announced plans to cut about 2,000 jobs both domestically and internationally in response to deteriorating performance due to China's economic slowdown. In Japan, the company aims to solicit voluntary retirements for approximately 1,000 employees, which accounts for about 10% of its workforce.

Omron held an online press conference on the evening of the 26th, announcing that it would undertake structural reforms due to poor performance in its main business of control equipment used in factories in China. Specifically, the company will reduce its workforce by approximately 2,000 globally, with around 1,000 of those cuts coming from voluntary retirements in Japan. Eligible candidates for the voluntary retirement plan are regular employees who have been with the company for more than three years and are over the age of 40. The solicitation for applicants will take place from April to May this year. An equivalent reduction of about 1,000 employees is also planned for overseas operations. This marks the first time in approximately 22 years, since 2002, that the company has solicited voluntary retirements.

Earlier this month, Omron revised its earnings forecast for the fiscal year downward, projecting that its final profit would decrease by 98% from the previous fiscal year to 1.5 billion yen. Omron's President, Junta Tsuji, stated during the online press conference, "We must implement management restructuring at an early stage. Although it will be painful in the short term, these measures will allow us to transform into a stronger and more growth-oriented company."

Source: NHK

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