Philips to cut 6,000 jobs worldwide

The Hague (Agencies):

Dutch consumer electronics and medical equipment maker Philips on Monday said it is cutting 6,000 jobs worldwide over the next two years as it revealed a net loss of 1.6 billion euros ($1.7 billion) in 2022, down from a net profit of 3.3 billion euros last year.

The job losses come on top of a reduction of 4,000 staff the company announced in October.

The company, which has its headquarters in Amsterdam, is reeling from a worldwide recall of sleep apnea machines and economic headwinds including COVID-related issues in China and the war in Ukraine.

CEO Roy Jakobs said 2022 was “a very difficult year for Philips and our stakeholders, and we are

Over The Next Two Years

z Dutch consumer electronics and medical equipment maker Philips on Monday said it is cutting 6,000 jobs worldwide over the next two years as it revealed a net loss of 1.6 billion euros ($1.7 billion) in 2022, down from a net profit of 3.3 billion euros last year taking firm actions to improve our execution and step up performance with urgency.” tosh Iyer, managing director of Mercedes Benz India, told ET.

“The momentum remains strong,” he said.

“The industry should grow in double-digits this year. We aim to outperform the market.”

Mercedes-Benz currently has pending orders for 6,000 vehicles in India, with a waiting period of four to nine months.

Most other luxury car companies including BMW India, Audi India and Lexus India - the latest entrant in the space with a relatively smaller footprint - expect 2023 to be their best yet in terms of volumes with sales increasing in high double digits.

CSR spend may cover skilling individuals

New Delhi (FIB): The government is considering widening the scope of corporate social responsibility (CSR) spending to enable the corporates and institutions to fund skills training of individuals.

The Ministry of Skills Development and Entrepreneurship has proposed the ‘Gift a Skill’ concept to be linked with either the Reserve Bank of India’s digital currency e-Rupi or ‘skill voucher’ wherein individuals, corporate and institutions can sponsor skill development of an- other individual through skill vouchers, a senior government official said on Monday.

The enterprises will be incentivised to take up skills training of individuals as the government aims to scale up training of candidates to cater to the growing demand.

— Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India