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More early retirements at Mitsubishi Tanabe

This article was originally published in Scrip

Executive Summary

Another 217 people at Mitsubishi Tanabe Pharma(MTP) in Japan are to take early retirement from the company on September 30th. The option was offered to all employees aged between 40 and less than 60 who had been with the firm (or its pre-merger predecessors) for over 10 years. Those taking it up will receive special allowances and support in addition to standard retirement benefits, for which MTP said it would book ¥3.9 billion ($35.9 million) in one-off costs in the second quarter ending September 30th. There had already been several similar rounds of employee reductions as part of MTP's creation from the merger of Mitsubishi Pharma and Tanabe, completed last October.

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