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© alexander podshivalov dreamstime.com Components | October 03, 2012

7'500 enter Renesas' early retirement program

A - previously announced - early retirement program of struggling chip manufacturer Renesas has attracted more applicants than expected.
Employees of Renesas Electronics Corp. and its consolidated subsidiaries in Japan were able to apply for the early retirement program, which stated a retirement date of October 31, 2012.

Originally designed to attract some 5'000+ employees, the program has been more successful that anticipated. In a statement, Renesas announced that 7,511 employees have entered an application. A special incentive - so Renesas - will be added to the normal retirement payment.

Renesas estimates the extraordinary loss of approximately 85 billion yen in the second quarter of the fiscal year ending March 2013 due to this program. The labor cost will be reduced by approximately 54 billion yen a year with this result.

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