Canon Suzhou denies layoff compensation terms amid social media buzz · TechNode

A representative from Canon Suzhou’s website stated on Thursday that the company is not conducting layoffs but offering re-employment, according to local media outlet Phoenix Technologies. Employees can choose their options and receive compensation if they meet the criteria, though the exact compensation standards remain unclear, the representative added. Recently, Chinese social media posts claimed that Canon Suzhou had started a new round of layoffs, potentially affecting over a thousand people. The compensation standards for these layoffs, which could reach “N+12” or “2N+12” for employees with indefinite contracts, have ignited extensive discussion and sharing across major social media platforms in China, as these terms appear to be the highest compensation from a foreign company in China. Canon Suzhou, a wholly-owned subsidiary of Canon established in China’s Jiangsu province in 2001, is one of the company’s largest office equipment production bases outside Japan, with an investment of $185.5 million and over 3,000 employees. [Icsmart, in Chinese]