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LIST  June 2015

LIST June 2015

Subject:

Re: FW: [NBR's_Japan_Forum] What does a Japanese recession look like?

From:

Richard Katz <[log in to unmask]>

Reply-To:

NBR's Japan Forum <[log in to unmask]>

Date:

Sun, 28 Jun 2015 11:52:00 -0400

Content-Type:

text/plain

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text/plain (21 lines)

Alex Kinmont wrote:

"Foreign financial firms (to take a high profile instance) seem capable of laying off large fractions of their workforce on a regular basis (one recently did a nearly 10% reduction). There appears to be no particular to Japan legal obstacle to so doing."

This is simply incorrect. Courts have established that companies must meet four conditions for layoffs:

 (1) significant financial need, typically two years of financial distress;

 (2) exhaustive efforts to avoid the dismissal, such as cutting overhead costs; (one lawyer writes: "Employers often use non-dismissal alternatives, such as secondment to a related company, a transfer, or other method of moving the employee to avoid the layoff.  In fact, the company may be required to investigate alternatives before being allowed to legally terminate the employee."  

(3) objective and fair standards in selecting whom to lay off; and 

(4) procedural due process in executing the layoffs.

As for foreign financial firms, this tale of at Goldman Sachs is illuminating, but I have no idea how typical this is. See http://tinyurl.com/nuc6xj4

Richard Katz

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