No salary, bonuses for sony employees

Posted By: Staff
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Tokyo, Mar 19: One of the world's largest consumer electronics maker, Sony Corp announced its decision to freeze its workers' salaries and cut bonuses from next fiscal forecasting a record loss and to improve profitability.

Reports in a financial daily Nikkei states that the workers' bonuses will be lowered for 4 months' pay from 6 months and the managers will get 10-20 per cent less compensation through wage cuts and 35-40 per cent bonus reductions. Analysing the present situation Sony also decided not to hike employees pay for the coming 12 months.

The paper further reports that as a result of the global economic slump and the strength of yen, Sony would report a group operating loss of 260 billion yen ($2.65 million) for the year ending Mar 31.

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