Mitsubishi Motors : Information Regarding Results of Voluntary Retirement Plan Accompanying Structural Reforms(141KB)
December 07, 2020 at 03:17 am EST
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December 7, 2020
Name of company:
MITSUBISHI MOTORS CORPORATION
Representative:
Takao Kato
Representative Executive Officer, CEO
(7211 TSE 1st section)
Contact:
Keiko Sasaki
General Manager of IR Office
(TEL．03-3456-1111)
Information Regarding Results of Voluntary Retirement Plan Accompanying Structural Reforms
MITSUBISHI MOTORS CORPORATION ("MMC") announces that MMC implemented a voluntary retirement plan as part of the structural reforms in its mid-term business plan, as described below.
Reason for the implementation of the voluntary retirement plan
In response to the significant increase in personnel and labor costs due to the past expansion strategy, as well as the aging age structure and the high ratio of managers, MMC has implemented a voluntary retirement plan as part of the structural reform in the current mid- term business plan.
Outline of the voluntary retirement plan
Expected number of applicants: 550
Eligibility criteria: Personnel aged 45 to 60 and have worked for a year or more as of March 31, 2021 (limited to indirect personnel, excluding medical personnel), and senior personnel and senior partners aged 60 to 65 as of March 31, 2021 (limited to indirect personnel, excluding former medical personnel).
*Senior personnel: Former employees in management positions who were rehired after retirement
*Senior partner personnel: Former general employees who were rehired after retirement
Application period: November 16 to November 30, 2020
Effective date of retirement: January 31, 2021
Preferential conditions: Payment of premium retirement allowance and service of outplacement
Result of voluntary retirement plan Expected number of retirees: 654
Future Prospects
Approximately 7.2 billion yen in premium retirement payments associated with the implementation of this voluntary retirement plan will be posted as an extraordinary loss in the fiscal year ending March 31, 2021.
Since the full-year consolidated financial results forecasts for the fiscal year ending March 31, 2021 previously announced on November 4, 2020 include a certain level of these expenses, there is no change to the financial results forecasts.
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Mitsubishi Motors Corporation published this content on 07 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2020 08:16:05 UTC
Mitsubishi Motors Corporation is one of the Japanese leaders of automotive construction. Net sales by activity break down as follows:
- sale of vehicles (98.3%): 937,000 vehicles (brands i-MiEV, Pajero Sport and RVR) sold in 2021/22 and broken down by country between Japan (75,000), Asia (331,000), Europe (131,000), North America (156,000) and other (244,000);
- financial services (1.7%): especially vehicle purchase financing services.
At the end of March 2022, the group had 29 production sites in the world.
Net sales break down geographically as follows: Japan (19.3%), Asia (23.7%), Europe (12.6%), North America (19.5%), Oceania (12.5%) and other (12.4%).
MITSUBISHI MOTORS CORPORATION 
