Debt management: Thousands of jobs cuts expected as GSK

01/02/2010

More job losses have been forecast which could leave thousands in need of debt management due to loss of income.

Chemicals giant GlaxoSmithKline (GSK) has announced that it will cut up to 4,000 jobs primarily in Europe and the US.

UK workers will be among those affected as Britain's biggest drug company continues to look to the emerging markets such as China for its staff.

The company's rival AstraZeneca axed 8,000 jobs last week as it also looked to the emerging markets for workers.

It is thought that drugs companies are looking east in order to reduce the cost of staff while taking advantage of a new market for sales.

GSK has a global workforce of almost 100,000, with research bases in Hertfordshire and Harlow as well as UK manufacturing operations in Cumbria and Angus and Ayrshire in Scotland.

Kevin Still, director of EuroDebt commented: "Despite economic comment that we are out of recession, we are still seeing large corporations laying of large numbers of employees, who will be badly hit by loss of income.

"Debt problems quickly mount if you have no savings and redundancy payments are minimal. We would advise people to take professional debt advice early in such circumstances."

Posted by Fiona Smith

Tags; Job loss,

Regional Debt Advice; Debt Help Angus, Debt Help Ayrshire, Debt Help Cumbria, Debt Help Hertfordshire, Debt Advice Ayr, Debt Advice Harlow, Debt Advice Hertford,

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