Oct. 21, 2016Corporate
Sumitomo Dainippon Pharma Announces the Results of Its Early Retirement Program Offer for Japanese Employees
As announced on August 30, 2016, Sumitomo Dainippon Pharma has offered an early retirement program to its Japanese employees. The results of its offer and impact on financial results are detailed below.
1. Scope of the program for early retirement
- (1) Eligibility: Employees aged 45 and older with at least five years' continuous service as of November 30, 2016 (some exemptions)
- (2) Number of applications sought: Not specified
- (3) Application period: From September 26 to October 14, 2016
- (4) Effective date of retirement: November 30, 2016
- (5) Preferential conditions: A special retirement benefit will be paid in addition to the normal retirement benefit. Re-employment support services will also be provided on request.
2. Results of the early retirement program offer
Number of applications received: 295
3. Impact on financial results
The payment for special retirement benefits and re-employment support service expenses arising from this offer is approximately 9.3 billion yen, which will be recorded as business structure improvement expenses under extraordinary loss in the second quarter of the fiscal year ending March 31, 2017.