Samsung Electronics plans global job cuts of up to 30 per cent in some divisions

Samsung Electronics, the world's largest maker of smartphones, TVs and memory chips, has announced plans to cut up to 30 per cent of its overseas staff in some divisions.

Here's What We Know

According to Reuters, the South Korean company has instructed subsidiaries around the world to cut sales and marketing staff by about 15 per cent and administrative staff by up to 30 per cent. The plan will be implemented by the end of this year and will affect jobs in the Americas, Europe, Asia and Africa.

Samsung said in a statement that the workforce adjustments are aimed at improving efficiency. The company employed 267,800 people at the end of 2023, of which more than half, or 147,000 employees, work overseas. It is unclear how many people will be laid off and which countries and business units will be most affected.

Source: Reuters