Renesas to Cut Hundreds of Jobs

Tokyo, Jan. 8 (Jiji Press)--Renesas Electronics Corp. plans to cut hundreds of jobs, or less than 5 pct of its total global workforce of some 21,000, due to a slump in semiconductor prices, people familiar with the matter said Tuesday.

The Japanese chipmaker will forgo an annual wage increase in April.

The company predicts that demand for semiconductors for use in vehicles and industrial machinery will remain weak for the time being.

Renesas cut jobs equivalent to 1-2 pct of its workforce between November 2023 and 2024. In 2024, it put off an annual wage hike for half a year from April.

The job cuts are designed to ensure that the company achieves long-term growth, a Renesas official said.

[Copyright The Jiji Press, Ltd.]