Nokia plans for 1,000 voluntary layoffs

Helsinki, Feb 25: Nokia Corp has planned for layoffs this month and also planned to seek upto 1,000 voluntary resignations to further reduce costs amid global economic crisis.

The company will open a global voluntary resignation package on March 1, and increase short-term unpaid leaves and sabbaticals. It also appealed to employees to accept holiday time as payments, instead of cash, for overtime work in 2009.

"We have considered these and are now announcing voluntary initiatives that could contribute to our efforts to adjust our cost base to the current market environment," said Hallstein Moerk, head of the company's human resources. "If successful, the voluntary initiatives will lessen the need for involuntary redundancies," he added.

Nokia said it will accept applications for the resignation package until May 31, or when 1,000 employees have applied.

OneIndia News