Sony will be cutting employee wages

Financial daily Nikkei reported that Sony decided it was time to freeze workers salaries to improve the company’s profitability. The plan for this will include workers’ bonuses be lowered from six months pay to four months pay, and no wage increase for the next 12 months.

Surprisingly, the changes applies to every level employee at Sony, even managers and executives will be hit by this. Managers at Sony will be lowered by 35 to 40 percent on their bonuses, and their wages will be cut 10 to 20 percent. Nikkei reported:

“Executives will also be slugged with huge cuts to bonuses and salaries”

Due to the poor global economy and the strength of the yen, Sony is expected to report a operating loss of 260 billion yen (that’s $2.65 billion) in the end of March.

Cheer up Sony..You still have SOE day!

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