Toshiba to cut 5k jobs in Japan in latest bid to restructure, says report

Toshiba Corp., according to a report from Nikkei, is embarking on a significant restructuring endeavor, aiming to slash approximately 5,000 jobs, representing about 10% of its workforce in Japan.

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This strategic move reflects a shifting attitude towards layoffs in a nation historically resistant to such measures due to stringent labor regulations and cultural norms, juxtaposed against the backdrop of persistent labor shortages.

This initiative could mark one of the most substantial rounds of job reductions witnessed in Japan this year. The Tokyo-headquartered conglomerate intends to streamline its operations by downsizing non-core business segments, incurring a substantial one-time cost estimated at around ¥100 billion ($650 million). However, the source of this information remains undisclosed.

Traditionally, layoffs have been infrequent in Japan, given the stringent worker protection laws in place. Yet, the landscape is evolving as esteemed Japanese corporations increasingly resort to staff reduction measures amid an unprecedented labor crunch.