TEPCO to cut more than 1,000 jobs

This news coming in as TEPCO plans to remove the fuel rods on Monday... Not incredibly comforting...

"Tokyo Electric Power Co (TEPCO) plans to shed more than 1,000 jobs via voluntary retirements by the second half of 2014, sources told Reuters, as it seeks to win more financial aid to clean up its crippled Fukushima nuclear plant."

Okay, hang on... they're going to cut jobs to save money in order to get more handouts as they seek to keep in the black? My guess is the execs won't be retiring.

Here's hoping it's thaw fat at the top, criminals.

@praack

The point is that companies have been burdened with overemployment. Removing this obstacle to profitability will allow firms to earn more, which will then allow them to increase wages and boost capital spending. Jobs aren't being eliminated, they're just moving to new growth sectors.

As bad as it sounds, I think these people will be better off if they do get axed from the sinking ship.

Fire all the directors, exec in charge please.

I don't know why the government is allowing Tepco to make a profit!? Tepco should not be allowed to care about their image or their share holders, they should care about fixing the mess they created through their own greed!

Hope they sling the axe from the top down.

****japan Solar industry 3x in size in 3 years! Close all nukes

Employees are being sacrificed again. With this action it means more older people will be out of job when they most need the income for their health. And, with the planned increase in consumption tax next year more sufferings.

Unless Homleand as hard evidence of redundant staff equaling a 1000 jobs i cannot think of this as anything but bad for the Japanese economy,

this is the first round of a total of 3600 jobs, on top of a 20% cut in wages for the common worker, sale of their hospital, 25% wage reduction for managers- no not a real good thing at all.

the displaced (what a euphemism for jobless nowadays) will not be able to find work at the same level or pay- and will probably be left ashamed - unable to take care of their families.

so no - not a real good thing at all

Who would want to work for those blood-sucking, self-centered and thoughtless group of idiots anyways? Hopefully the displaced can find employment elsewhere, soon - for companies who care about their employees and country!

More financial aid from taxpayers? Didn't they recently announce that they very profitable in the last quarter?

hopefully TEPCO can keep making the structural changes necessary to accelerate the unlocking of shareholder value.

Sorry but increasing shareholder value should be the least of their concerns.

Finally some good news. TEPCO has had redundant staff in many areas for a long time (not in their nuclear safety/engineering, I mean in areas like customer service), and that's been a drag on profits and share values. It's good to see the banks pushing for reductions in over-employment as well; hopefully the push for greater efficiency and worker productivity will spill over into other sectors. Nationalisation is bad news for shareholders, hopefully TEPCO can keep making the structural changes necessary to accelerate the unlocking of shareholder value.