Taiwan’s Foxconn Technology Group, the world’s largest contract electronics manufacturer, will cut its massive workforce, the company told Reuters, as the Apple Inc (AAPL.O) supplier faces declining revenue growth and rising wages in China. Under its flagship unit Hon Hai Precision Industry Co Ltd (2317.TW), the group currently employs about 1.3 million people during peak production times, making it one of the largest private employers in the world.