Panasonic Khon Kaen has no layoff policy

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 A source in the company said there is no lay-off plan though overtime pays have been cut. High-ranking officials from the Bangkok-based parent company were there on Wednesday to assure all workers of no retrenchment.

 "We understand that plants that produce old TV versions would be shut down. Indeed, this has been planned for some time, but it is just announced when the global economy slumps," the source said.

 On Feb 4, Panasonic Corp, the world's largest consumer-electronics maker, said it will cut about 15,000 jobs and close 27 plants across the world  - 13 in Japan and 14 overseas. It also predicted first loss in six years. The company forecast a net loss of 380 billion yen ($4.3 billion) and a 15 per cent decline in sales in the year ending March 31. Panasonic also slashed its planned dividend 33 per cent to 30 yen a share. Today, the company said its operating profit in the third quarter, ending Dec 31, fell 84 per cent to 26.4 billion yen.