Samsung planning massive job cuts by the end of the year

A fresh exclusive report by Reuters reveals that many Samsung Electronics employees might have to start looking for a new job already, as up to 30% of the company's overseas staff will be allegedly laid off by the end of the year. The information comes from three insiders directly connected to the matter who spoke about the plan that will have an impact on Samsung's personnel currently working for the company's offices in Europe, Asia, Africa, and the Americas. An additional six other insiders who are familiar with the global staff restructuring that is expected to be complete by the end of the year confirmed it.

For now, there are still many details missing, such as the total number of people to lose their jobs, as well as the most affected countries and units/departments. However, two of the aforementioned insiders who are close to the heart of the matter mentioned that sales and marketing staff will be reduced by about 15% in some subsidiaries, while the figure will go up to 30% in the administrative areas.

According to Samsung's latest sustainability report, over 147,000 of its total of 267,800 employees were based overseas at the end of 2023. While manufacturing and development staff account for most of these jobs, there are also around 25,100 sales and marketing people alongside 27,800 "in other areas," so including the administrative positions. Based on the maximum percentages mentioned earlier and assuming 15,000 administrative jobs, we can approximate that a total of about 8,300 jobs are going to be lost by Samsung employees overseas by the end of 2024.

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