【Industry News】Renesas Clarifies Media Reports About Delayed Pay Raises And Layoffs

March 29, 2024

On March 12th, Renesas Electronics stated that recent media reports regarding the implementation of merit increase delay and layoffs contain inaccurate facts and potentially misleading information.

In this statement, Renesas Electronics announced that the company has decided to postpone the implementation of merit increase by six months until October 2024, applicable to all global employees. The decision was taken in November 2023 as a precautionary cost containment measure, in anticipation of the softened market conditions affecting the semiconductor industry.

In addition, Renesas conducted a review of future investments and business priorities, taking into account anticipated market softness in November 2023. As a result, the company decided to implement limited-scale headcount reductions across all regions.

Disclaimer: This article is provided for general information and reference purposes only. The opinions, beliefs, and viewpoints expressed by the author of this article do not necessarily reflect the opinions, beliefs, and viewpoints of Cytech Systems or official policies of Cytech Systems.

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