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NEC Electronics Announces Enhancement of Early Retirement Plan
KAWASAKI, Japan, February 15, 2008
NEC Electronics Corporation (TSE:6723) today announced the enhancement of the company's early retirement plan, which was approved at a meeting of its board of directors on February 15, 2008. Details of the plan are as follows:
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Reasons for enhancing the early retirement plan
The NEC Electronics Group's ongoing structural reforms include shifting development facilities and reorganizing manufacturing subsidiaries in Japan. The enhanced early retirement plan is designed in part to support these changes.
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Outline of the enhanced early retirement plan |
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1.Eligibility: |
Employees of NEC Electronics Corporation and its subsidiaries in Japan* forty years of age and older who will have worked five consecutive years or more within the NEC Electronics Group as of March 31, 2008.
* Excluding two subsidiaries of NEC Kansai, Ltd., a wholly-owned subsidiary of NEC Electronics Corp. |
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2.Application period: |
February 18 to February 29, 2008 |
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3.Retirement date: |
March 30, 2008 |
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4.Enhancement: |
The amount of early retirement benefits will be increased. In addition, placement support will be provided by an outside agency for those who request it.
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Impact on NEC Electronics' financial forecasts |
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While no upper limit has been placed on the number of applicants for the enhanced early retirement plan, the consolidated forecasts for the fiscal year ending March 31, 2008 already include approximately 5.0 billion yen in expenses estimated for roughly 500 applicants. Accordingly, the consolidated forecasts for the current fiscal year will not be changed. |
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About NEC Electronics
NEC Electronics Corporation (TSE: 6723) specializes in semiconductor products encompassing advanced technology solutions for the high-end computing and broadband networking markets, system solutions for the mobile handset, PC peripherals, automotive and digital consumer markets, and platform solutions for a wide range of customer applications. NEC Electronics Corporation has 25 subsidiaries worldwide including NEC Electronics America, Inc. (www.am.necel.com) and NEC Electronics (Europe) GmbH (www.eu.necel.com). For additional information about NEC Electronics worldwide, visit www.necel.com.
Information in the press releases, including product prices and specifications is current on the date of the press announcement, but is subject to change without prior notice.
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