Nissan to cut 1,500 jobs through early retirement

Nissan Motor Co said it plans to cut an estimated 1,500 jobs by offering an early retirement program mainly for production workers in Japan, making additional efforts to boost its competitiveness and performance at a time when the Japanese carmaker's domestic sales have slumped.

The number represents nearly 10% of some 12,000 workers to whom it has offered early retirement. Nissan will accept applications between June 1 and the end of next March from full-time salaried workers aged over 45 who have worked at Nissan for more than five years. It will not accept applications from manager-level employees. "The VRP (Voluntary Retirement Program) is primarily designed to balance staffing levels with assembly requirements," Nissan said in a statement. The company said it will offer a retirement compensation package based on years of service.