Proctor & Gamble plans to axe 9,600 jobs worldwide, lower than the 20% that was reported earlier today.

The 9,600 in line to lose their jobs are part of the company's previous cost-cutting programme called "Organisaton 2005" which involved 15,000 job losses. And it has been reported that P&G still had 7,800 jobs to cut under its "Organisation 2005" programme. The total number expected to lose their jobs is now around 17,000.

The latest figure amounts to 9% of the company's workforce. About 40% of these job losses will be in the US involving plant closures and cuts in manufacturing projects with the remaining cuts affecting non-manufacturing positions at all levels.

The BBC reported P&G plans to save between $600m and $700m by the year 2004 by reducing its overhead and manufacturing expenses.