Telecoms giant Nokia has confirmed it will cut 280 jobs in Finland this year.
In October last October, the company said it planned to embark on a significant cost savings programme, which would include redundancies. In January Nokia said there could be up to 350 job cuts, but now the final number is known after negotiations.
The cuts will impact all of Nokia’s locations in Finland except a production plant in Oulu.
In February 2018 the company announced a previous round of 350 job cuts in Finland. At that time they also said the job losses would come at locations across the country, except for Oulu.
In Nokia’s latest announcement, it is said there would be support for people who lose their jobs, with the opportunity to take part in the ‘Bridge Support Program’.
The program seeks to help every employee who faces unemployment to find new opportunities in their careers, either within or outside of Nokia or for example, in entrepreneurship.
Last autumn Nokia said it would have to save €700 million over the next few years, after making a significant 3rd quarter loss. The company’s operating profits from July to September 2018 were 27% less than the same period the previous year; down from €668 million to €487 million.
“Our industry is one where a constant focus on costs is essential” said Nokia President and CEO Rajeev Suri at the time.
Apart from staff cuts, the savings are also expected to come from a wide range of areas in Nokia’s broad business portfolio, including investments in digitalization to drive more automation and productivity; further process and tool simplification; and what the company calls significant reductions in central support functions.