Optical/IP Networks

Nokia to Axe 1,000 Jobs

NOON -- Nokia Corp. (NYSE: NOK) wants to lose 1,000 jobs through a voluntary redundancy program that will run from March 1 to May 31. (See Nokia Seeks Voluntary Redundancies.)

The scheme is part of a wider initiative introduced today designed to reduce personnel-related costs. In addition to the 1,000 redundancies, the Finnish handset maker said it will also offer more short-term unpaid leaves and sabbaticals, and it will encourage employees to take holiday as time off rather than taking cash compensation in 2009.

The measures are aimed at avoiding more job cuts as the company adjusts to the economic situation. (See Nokia to Cut Phone Production, Nokia Cuts Jobs, and Nokia Plummets, Looks to US.)

Nokia employs 128,445 globally, of which 60,295 work for Nokia Networks . Excluding Nokia Siemens, Nokia has 68,150 employees. The voluntary redundancy program does not apply to Nokia Siemens employees.

— Michelle Donegan, European Editor, Unstrung

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