Panasonic plans to cut the jobs half of which will come in Japan by the end of March 2010, which amount to about 5 percent of its 300,000-strong global work force.

Panasonic plans to close 14 overseas plants and 13 plants in Japan by the end of March to adjust production and cut costs.

Panasonic will delay by a half year starting production at two Japan plants — one for plasma panel TVs to July 2010, and another for liquid crystal display TVs until January 2010, in response to slipping demand for flat-panel TVs, it said.

The latest restructuring measures will cost an additional 190 billion yen on top of the 155 billion yen Panasonic has already announced for the fiscal year through March.