Olympus Corp. plans to cut about 950 jobs in Japan, or 6% of its group’s total domestic workforce, by the end of March under a voluntary redundancy program, its first such initiative in about eight years.
The program, announced Friday, is part of the major precision equipment manufacturer’s efforts to focus its management resources on the medical field and reform its personnel system.
The Olympus group employs about 15,000 workers in Japan. Of them, the program will mainly cover regular employees age 40 or older who will have been employed for three years or longer as of the end of March next year.
Olympus will invite applications on Feb. 1-19, and the successful applicants will leave the company on March 31.
For the year to March, the company expects to report a group net loss of ¥5.5 billion.
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