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Japan Post plans to cut as many as 10,000 jobs

With financial business slumping, group prepares for talks with union

The group will propose that the 10,000 job cuts be done through controls on hiring and early retirement programs.   © Reuters

TOKYO -- Japan Post Group and its labor union will soon start talks on a reform plan for workers at post offices nationwide, including proposed job cuts totaling 10,000 positions, or 5% of the workforce.

Faced with falling profitability of its financial business, the Japanese postal service group has to slash labor costs. The financial business has suffered from lack of investment opportunities amid the low interest-rate environment and a scandal involving inappropriate sales practice at Japan Post Insurance, an insurance subsidiary.

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