The Labour Party is describing impending job cuts at Telecom as devastating.
Telecom chief executive Simon Moutter has confirmed hundreds of jobs will go across the board as the company attempts to trim the fat.
That’s despite announcing a profit of more than $150 million for the second half of 2012.
Opposition parties are accusing the Government of economic mismanagement.
Labour MP Clare Curran says the outlook for those facing the axe is grim.
“Kiwis facing the prospect of losing their jobs and perhaps having no prospects in our current economy.
“Anything on this scale affects the whole of New Zealand – every community in New Zealand is likely to be affected.”
She says many highly paid workers would be losing their jobs but there was no word on what would happen to the contractors.
“A question mark hangs over the future of Telecom’s contractors who remain in the thousands," Ms Curran says.
“The Government has no idea how to get the economy working and creating jobs.”
Ms Curran says today’s job losses add to the more than 40,000 jobs lost in manufacturing since it took office in 2008.
Telecom will confirm the exact number of redundancies in May.
RadioLIVE / NZN