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Sharp announces voluntary retirement program

Posted: 31 Aug 2012 ?? ?Print Version ?Bookmark and Share

Keywords:voluntary retirement program? business model?

Sharp Corp. has announced that it decided to put out a call for voluntary retirement at the board meeting held on August 28, 2012. It has also informed the company labor union about the decision and the outline of the voluntary retirement program.

Sharp Group is currently engaged in business reinforcement measures and improving its balance sheet to recover the business performance. As examples of such efforts, Sharp is promoting to reorganize its business groups in correspondence with characteristics of customers, business and business models. At the same time, Sharp is improving its earnings structure that can compete amid severe global competition by downscaling production bases and branches, streamlining the headquarters, and adjusting employment to an appropriate level. Under this circumstance, Sharp has decided to offer a voluntary retirement program with sufficient financial support and re-employment assistance to employees who would seek working opportunities outside Sharp Group.

The voluntary retirement program applies to Sharp Corp. and major Sharp consolidated subsidiaries in Japan. The number of personnel eligible to the program reaches about 2,000 to date, with scheduled application period running from November 1-14, 2012. The date of retirement has been specified by the company, which is on December 15, 2012.

Sharp estimates the expense for the voluntary retirement program as total of about $344 million among Sharp Group in Japan. The expense is already included in the consolidated financial results forecast for the year ending March 31, 2013, as disclosed on August 2, 2012. At this point, the number of applicants for voluntary retirement is not fixed yet. The results (number of applicants, costs, etc.) will be announced immediately when they are fixed.

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