More job cuts in Panasonic, Macy's

James Ryan Jonas

The end — of job cuts and job layoffs — is nowhere near.
Just last week, we wrote about a potential 126,000 people around the world who are set to lose their jobs following company announcements in the last week of January 2009.
This week, two more global companies announced they will terminate a total of 22,000 employees, in an attempt to cope with the effects of the current economic recession.
Electronic firm Panasonic Corp. of Japan said on February 4 that it plans to cut around 15,000 jobs, including both full-time regular employees and contract workers. Half the cuts will be in Japan and half overseas. The company employs a total of 300,000 regular workers worldwide. The company said the cuts are a result of dwindling demand for its products and a stronger yen which eats up its overseas profits.
American department store Macy’s on February 2 announced it will eliminate 4% of its workforce, equivalent to 7,000 employees. On January 2009, the company already announced it is closing 11 stores and laying off 960 workers. The moves are expected to lower the company’s selling, general and administrative expenses.
More companies announcing job cuts are being added to our list here. The scary question is, who’s next?
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James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.