Nissan in the Philippines has cut its workforce by 15% and reduced its work week from six to five days due to the deepening global financial crisis.
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The Philippine unit of Japan’s Nissan Motor Co has also restricted overseas trips for its executives, the Manila Standard Today newspaper said, quoting Raymond Tribdino, Nissan’s local sales and marketing manager.
He told the paper that 50 of the 340-strong workforce had accepted a voluntary retirement package effective February 15.
“Most of the 50 retiring employees are office-based, and two of them are senior managers from the manufacturing and engineering departments,” Tribdino told the paper.
He said the company had also cut its work week from six to five days and cut all overtime.
Nissan recently announced a major restructure – described as “recovery actions designed to enhance the company’s performance during the current global economic and financial crisis” – that will see 20,000 jobs axed in the next year and labour costs in high-cost countries reduced by 20%.
See also: Nissan to axe 20,000 jobs in restructure
