More than 126,000 workers worldwide are expected to go unemployed in the next few months, based on several company announcements made last week alone.
We compiled news reports published on Yahoo News, Inquirer.net and Bloomberg from January 21 to 28 and summarized below the information about the jobs cuts companies are planning to implement as a result of the economic recession.
In just that one-week period, expected job layoffs, according to company announcements, totaled 126,000. That is a really scary figure but what’s more scary is the fact that these announcements were made in just the first month of the year. We’re almost certain more companies will announce layoffs in the coming months.
Brace yourselves.
Expected job cuts starting this year
based on company announcements from January 21-28, 2009 alone
1. Boeing Co. – On January 28, the world’s second-largest airplane maker announced job reductions totaling 10,000 — 4,500 positions will come from its commercial aircraft business and an additional 5,500 will be in other parts of the company.
2. Corning Inc. – On January 27, the specialty glass company said it would cut 3,500 jobs or 13% of its work force as demand slumped for glass used in flat-screen televisions and computers.
3. Ashland Inc. – The chemical company on the same day said it would eliminate 1,300 jobs and would freeze wages of retained employees.
4. Pfizer – On January 26, the pharmaceutical giant announced it will acquire rival drug maker Wyeth in a $68 billion deal and will lead to an initial job reduction of 8,000 jobs. By the time the Wyeth merger is complete during the 3rd o 4th quarter this year, Pfizer will cut 15% of the combined company’s 120,000+ workers or about 18,000 more job cuts.
5. Sprint Nextel Corp. – The third largest telecommunications network in the US said on January 26 it will also slash 8,000 jobs or 14% of its work force.
6. Home Depot Inc. – The biggest home improvement retailer in the US also announced it will get rid of 7,000 employees.
7. General Motors Corp. – The US carmaker said it will cut 2,000 jobs at plants in Michigan and Ohio because of slow sales.
8. Caterpillar Inc. – The world’s largest maker of mining and construction equipment disclosed last year that it will cut nearly 20,000 jobs, most of which already have been made. They include 5,000 new layoffs of white collar workers which will occur globally by the end of March.
9. Texas Instruments Inc. – The chipmaker announced it will slash 12% of its work force due to slumping demand. This includes 1,800 jobs through layoffs and another 1,600 through voluntary retirements and departures. Around 400 employees in its plant in Baguio City, Philippines will be affected.
10. Automakers in Japan – A survey by Jiji Press concluded on January 26 showed that Japan’s top 12 automakers expect to cut a total of 25,000 jobs worldwide from January until March 2009.
11. Microsoft Corp. – The world’s largest software maker announced on January 22 it will axe up to 5,000 staff in its research and development, marketing, sales, finance, legal, human resources and IT units over the next 18 months. More than 1,400 employees are to be laid off immediately.
12. Brooks Automation Inc. – The maker of software and equipment for chip manufacturers said it plans to get rid of 350 jobs or 20% of its work force.
13. Schlumberger Ltd. – The oilfield services provider said during the third week of January that it will cut up to 5,000 jobs worldwide in the first half of 2009 and consider further reductions this spring.
14. ING – Also on January 26, the Dutch banking and insurance group announced it is planning 7,000 job cuts in the coming months.
15. Philips – The Dutch electronics giant also said it would eliminate 6,000 jobs.
16. Corus – Europe’s second-biggest steelmaker said it would cut more than 3,500 jobs around the world, most of them in Britain.
17. Intel Corp. – On January 22, the world’s largest semiconductor company said it plans to cut up to 6,000 manufacturing jobs. It will also close its manufacturing plant in General Trias, Cavite laying off 1,800 Filipino employees.
18. United Airlines – The US carrier said on January 21 it will cut an additional 1,000 jobs in 2009 to reduce overhead costs. Last year, it already laid off 1,500 employees, bringing the total job cuts to 2,500 or 30% of its work force.
Photo Credit: Getty Images
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126,000 more workers worldwide to lose jobs
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Here go some answers to questions raised above:
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