Nearly 50% of these jobs will be cut in Japan, while the rest of 50% to be laid off in other countries of the world. However, it is still unknown what will be the impact of this decision on the company’s workforce in UK.

In UK, most of company’s employees are of Cardiff and Newport where 1000 and 500 workers are working for Panasonic respectively.

The announcement has been made after the company’s expected major losses in the previous financial quarter. These expected losses may exceed to 30b yen.

According to Panasonic boss Makoto Uenoyama, “The Company has to experience a considerable drop in sales in almost every segment of the business. We are expecting sharp declines in sales during this quarter and our profit would also shrink in almost every segment of business.”

These job cut along with other cost cutting efforts would help company to save almost 100m yen during the coming financial year.

Despite, these bad to worse becoming financial conditions, the company is still sparing no effort to takeover its rival company Sanyo.