Wednesday, 21st November 2012
In Business In Japan,
Thousands of employees apply for Sharp Corp. retirement
An oversubscription of employees from Japan's Sharp Corporation and major Sharp consolidated subsidiaries have applied to receive voluntary retirement from the firm.
There were so many applications, that the original closing date for the sign-up period had to be closed early, moving it from November 14th to November 9th 2012, stated the company.
The voluntary retirement programme was planned by the firm in response to its slowing business and had initially forecast for up to 2,000 personnel to apply.
Exactly 2,960 applicants will be accepted in the programme, approximately one third more than scheduled.
The date of retirement is scheduled to begin next month on December 15th 2012.
It will cost the company around 25.3 billion yen (£195 million) to fund the voluntary retirement programme.
Sharp is recording the expense as an "extraordinary loss" for the third quarter of the fiscal year ending March 31st 2013 and it is already included in the consolidated financial results forecast for the period.
Posted by Mark Smith