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4 firms to jointly set up firm to handle personnel management.

TOKYO, March 4 Kyodo

Matsushita Electric Industrial Co., Sumitomo Trust & Banking Co., Kao Corp. and All Nippon Airways said Monday they have agreed to jointly set up a firm to handle work related to personnel management.

The new company, whose name has yet to be decided, will be set up by the end of March with capital of around 1 billion yen.

The four companies plan to commission work such as calculation of wages and social security payments to the new company, which will also offer consultation services to employees on financial assets.

By jointly developing a computer system to handle the operations, the companies hope to cut costs related to personnel management by around 20%, company officials said.

The new company will start operations in January next year with a workforce of around 16, which will be increased to around 200 within five years, the officials said.

The company will initially handle work for around 120,000 employees, but hopes to boost the number to about 500,000 in five years, with revenues of 5 billion yen to 7 billion yen, they said.
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Publication:Japan Weekly Monitor
Date:Mar 11, 2002
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