Matsushita and NEC announce massive personnel cut plans

Taking the cue from the Liberal Democratic Party victory in the recent
Upper House election, major electric appliance makers have announce their
restructuring plans which include massive personnel cuts.

Matsushita Electric Industrial Co. known for its home electric appliances
said on July 31 that for the first time it will make several thousand
employees apply for early retirement.

NEC Corporation on the same day said it will reduce its workforce by
4,000 at home and abroad by the end of fiscal 2001.

These major companies gave the slowdown in IT-related businesses as the
reason for their personnel reduction.

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The company union of Nippon Telegraph and Telephone (NTT), a Japanese
telecom giant announced on July 31 that it will accept the company's
"streamlining" plan which will reduce 110,000 employees either through
retirement or their re-hiring by subsidiaries at lower wages. (end)