Philips to cut 4,500 jobs globally, may impact India

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SummaryConsumer electronics giant Royal Philips Electronics said it is planning to cut 4,500 jobs globally as part of a cost saving programme and did not rule out the possibility of this exercise affecting employees in India.

Consumer electronics giant Royal Philips Electronics today said it is planning to cut 4,500 jobs globally as part of a cost saving programme and did not rule out the possibility of this exercise affecting employees in India.

The job cuts are part of a plan to save 800 million euros, the company said.

About 60 per cent of the savings are people-related and will result in the loss of 4,500 positions, 1,400 of which will be in the Netherlands. The remaining 40 per cent relate to other structural costs, Philips said. The firm employs about 1,20,582 people globally. In India, it employs about 9,000 employees.

Philips India spokesperson said: At this point, most work streams have not yet translated the impacted jobs to an individual employee level. In the coming weeks, the plans will be detailed and shared with the countries.

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