Electronics Production | December 16, 2008
Foxconn to lay off 100,000
Foxconn to lay off 100,000 employees as its export business declined substantially. The company has already confirmed that it would lay off between 30,000 to 40,000 of its global staff. But figures could be as high as 100,000.
This would account for about 10% of its management and 5% of its global employees. Non-executive director Lee Jin-ming is cited in a Hong Kong media report (The Standard) in saying that the EMS-giant had to prepare itself for the financial crisis. He also said that Foxconn had received fewer orders in November and December. Foxconn is said to lay off overseas workers first, as they are more costly. This will also include lay off in the global management.