Technology firm Nokia plans to begin talks to reduce its payroll in Finland, with a view to cutting 350 jobs this year. Nokia currently employs 6,000 people in Finland and the retrenchment talks would affect all locations except one Oulu production facility.
The tech firm aims to cut costs by 700 million euros annually by the end of 2020.
"Ongoing cost monitoring is vital in our industry and the planned changes are indispensable to safeguard Nokia's long-term competitiveness," Nokia country manager Tommi Uitto said in a statement.
The company said that the savings programme will also affect other countries, however the timetable and specific measures undertaken will vary depending on local legislation and practice.
Tougher 5G network competition
Nokia first spoke of its austerity programme last October and said then that its aim was to safeguard profitability and improve price competitiveness.
In essence, the firm wants to beef up its technology as network firms compete over deliveries of next-generation 5G networks.
Nokia is facing stiff competition in that market from Sweden's Ericsson and the Chinese firm Huawei.
Network equipment manufacturers have faced lean years of late, as investments have focused largely on 4G networks rather than on 5G.