According to Terry Guo, chairman of the Taiwan-based Hon Hai Precision Industry Company, the technology manufacturing group will implement a global staff cut plan and about 3-5% of its employees will lose their jobs.

As the parent company of Foxconn, rumors about layoffs in Hon Hai already started when Foxconn announced its plans to cut staff. The group's reduction will happen globally and Guo made the statements during a donation ceremony without giving the specific number for the layoff.

It is estimated that Hon Hai has over 400,000 employees worldwide. By this number, Hon Hai will cut 12,000 to 20,000 jobs around the world.

In November 2008, Hon Hai's Hong Kong-listed handset and camera manufacturing unit Foxconn International Holdings announced plans to control costs by redeploying 5% of its frontline workers and 10% of management staff in Shenzhen due to the economic slowdown.

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