Renesas Electronics Announces Results of Early Retirement Program

24 Feb 2011

TOKYO, Japan, February 24, 2011 — Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced the results of its early retirement program for employees in Japan, announced on October 27, 2010, with details as follows.

 

1. Outline of the early retirement program

Eligibility:
Employees of Renesas Electronics Corporation and its subsidiaries in Japan who are both 40 years old or older and have been with Renesas Electronics Group (inclusive of NEC Electronics Group and Renesas Technology Group) for at least five consecutive years as of March 31, 2011.
Application period:
January 17, 2011 to February 15, 2011
Retirement date:
March 31, 2011
Benefits:
Renesas Electronics will offer special incentives in addition to their retirement payment to employees voluntarily taking early retirement. In addition, outplacement support will be provided through an outside agency for those who request it.

2. Results 1487 applicants


3. Impact on Renesas Electronics' financial forecasts

The supplemental payments that are part of the early retirement program are expected to total approximately 20.0 billion yen. This figure is within the scope of expenses forecasted for the fiscal year ending March 31, 2011, and therefore Renesas Electronics will not change its consolidated forecasts for the current fiscal year.

 

As a result of implementing the early retirement program, the cost of personnel for the next fiscal year is expected to decline by 13.0 billion yen on a consolidated basis, provided that salary and bonus levels remain on par with the current fiscal year.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation, and information communication technology applications that help shape a limitless future. Learn more at renesas.com.


The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.