The Straits Times
www.straitstimes.com
Published on Sep 11, 2012
 

Japan's Sharp Corp slashes employee pay

 
 

TOKYO (AFP) - Japan's Sharp Corp on Tuesday said it would slash salaries for thousands of employees - from the factory floor to the executive boardroom - as it scrambles to repair its bleeding balance sheet.

The electronics giant said it was aiming to cut another 14 billion yen (S$220 million) in costs by chopping management pay by 10 per cent and rank-and-file employees' salaries by 7.0 per cent.

The cuts affecting employees in Japan would be in place until September next year, said Sharp, which earlier this year announced management and lower-level pay cuts of five per cent and two per cent, respectively.

Bonuses for some 27,500 employees in Japan would be halved, said the Osaka-based firm.