Samsung says its workforce will shrink by almost 1.7 million in 2019 as it attempts to address the company’s financial challenges.
In a letter to its employees, the South Korean electronics giant says it plans to cut 1,800 jobs, or 4.5% of its workforce, by the middle of 2019.
It will also reduce its annual salary cap for employees by around 2.5%.
The letter also said it plans “to reduce the overall workforce by around 1.5 million in the first half of 2019, and by about 1.2 million by the first quarter of 2020.”
The move comes after Samsung announced in March that it had to slash 1.9 million jobs over the next four years to meet its quarterly earnings targets.
It said that after a successful second quarter, it expects the first-quarter total to be at least 1.4 million fewer than the first quarters, and that it expects to lose another 1.1 million jobs during the quarter.
The cuts will be felt most acutely by its U.S. and Asia Pacific operations, which were hit hard by the fallout from the deadly storm.