TOYOTA MOTOR Thailand (TMT) Co, the largest auto company in Thailand, is offering a voluntary early-retirement programme for assembly-plant employees because of production cuts caused by the sluggish economy.
According to an official statement from the company, the Thai auto market has been suffering a considerable decline due to the economic slowdown in Thailand and around the world. That has caused domestic auto sales as well as exports to shrink since the start of last year, it said, forcing Toyota to cut production.
"This has led to an oversupply of factory workers, while overtime hours have also been reduced, resulting in lower income for employees," it stated.
Those who choose to take the offer will be compensated fully according to Thai law, and receive additional compensation from TMT.