POLITICAL ECONOMY

Nokia Mulls Finnish Job Slashes

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Nokia detailed plans to cut 180 jobs in its home country as part of ongoing restructuring efforts designed to slash €500 million(US$556.63million) from operating costs and up investment in 5G and digitalisation.

In a statement, the vendor said staff reduction negotiations will begin on 21 January. The company employs around 6,000 staff in Finland.

It said the cuts will not affect development of 5G products at its main factory in Oulu. However, it applies to all Nokia locations in Finland, with the biggest impact expected at the vendor’s headquarters in Espoo.

“The savings programme we launched in 2018 has progressed as planned. We will continue to improve our operational capability and ensure the long-term competitiveness of the company. These decisions are not easy and we will do our best to support our staff during the change process,” said Nokia president of Mobile Networks Tommi Uitto.

Nokia hired 370 employees in Finland in 2019 as part of its push in 5G, and “plans to continue investing in certain priority areas in Finland”, Uitto continued.

The vendor announced its cost saving programme in 2018 and aimed to hit its target by end-2020. In its Q3 2019 earnings statement, the company lowered its original target from €700 million to €500 million.-Mobile World Live

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