Telecom equipment maker Nokia said on Tuesday it will slash 350 jobs in 2019 in Finland as part of ongoing plans to save 700 million euros or $800 million by 2020.
Finland-based Nokia is the second largest telecom equipment maker in the world. Most of the mobile infrastructure companies are finding difficulties in managing revenue growth in the wake of the 4G to 5G transition among telecom operators.

Nokia is making investment in 5G. Nokia said the company’s 5G-business in the early stage of development has been strong and continue to increase its investments in this critical technology.

The job cut will be in all Nokia business locations in Finland. The Oulu plant is not covered by the plans announced today, Nokia said.

Nokia has approximately 6,000 employees in Finland. Nokia said it will continue to hire in Finland, its home market.

“We are going to struggle with stringent measures to ensure that Nokia’s operating model remains competitive edge, and maintain our leadership in the field of cost management, productivity and efficiency,” Nokia’s Country Manager Tommi Uitto said.

Nokia aims to propose the introduction of previously proven Bridge-aid program to assist in reduction of workers find new opportunities in their careers.

Nokia said its global restructuring and cost reduction program is progressing in other countries.

Ericsson, the third largest telecom equipment maker based in Sweden, recently said it will reduce headcount at its BSS division as part of a major restructuring plan.