NTN Corporation (hereafter, NTN) hereby announces that it will introduce the “early retirement system” as outlined below.
1. Reasons for introducing the “early retirement system”
From last year, NTN has introduced emergency measures as a means of generating profit, including reducing expenses and cutting back on personnel costs, to tackle the tough management environment being experienced today. Yet business conditions are expected to remain bleak into the future, so the early retirement system will be introduced as part of reforms to the company's business structure.
2. Details of “early retirement system”
Target companies: NTN, NTN KONGO CORP., NTN ENGINEERING PLASTICS CORP., NTN MIKUMO COMPANY LTD.
Target employees: Regular NTN employees between the ages of 40 and 58 years old who have worked continuously at the target companies for 10 years or more as of May 15, 2013
Desired No. of applicants: approximately 600
Application period: March 14 to March 22, 2013
Date of retirement: May 15, 2013
Retirement benefits: An extra allowance will be paid in addition to ordinary retirement benefits
Re-employment support: Re-employment support will be provided via outplacement firms to those who require support
3. Impact on business results
Costs incurred by introducing this system are forecast at approximately 8 billion yen overall, however this cost has already been aggregated as an extraordinary loss for the consolidated business forecast of FY2012 ending March 31, 2013 announced on November 5, 2012.
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