Toyota denies plans to cut jobs in North America, UK

Toyota has a long-standing tradition of not laying off permanent full-time workers. So if you've got a job at Toyota, you've got a job for life. But something's got to give in today's economy. Unfortunately, current market conditions aren't getting along well with the Japense automaker's policy, and Toyota -- now officially the world's largest automaker -- may be finding that it's more difficult to follow through on the promise while shedding thousands of sales per month in the global downturn. Japan's Nikkei newspaper reported that the automaker is looking to reduce its ranks by 1,000 jobs in North America and the U.K., but it sounds like those reductions will be made through voluntary cuts and attrition, not by layoffs, which company spokespeople claim would be an absolute last step if the market doesn't improve over time.
[Source: Bloomberg]