Sony to Trim Workers' Bonuses
With the slumping sales and weak market, electronic giant Sony announced it will trim its workers' pay and bonuses starting on April 1. According to the company, this cost-cutting measure will be implemented for one year to cushion the impact of its massive losses for the past couple of months.
Electronic giant Sony recently announced it will trim its workers' salary and bonuses in line with its cost-cutting policy that is expected to keep its finances afloat despite massive profit losses due to weak market and low sales for the past couple of months.
In an interview with Nikkei newspaper, Sony spokeswoman Mami Imada said the new cost-cutting measure will start on April 1 and will be implemented for the whole fiscal year as the company is facing weak sales and gloomy outlook.
When asked how much is the cut bonus payment, Imada said it will be an equivalent of four to six months salary of employees, adding that this is important to avoid any massive layoff from happening.
Earlier reports said Sony officials were expecting a profit loss worth 260 billion yen or approximately $2.7 billion as operational costs are higher than its total sales. Meanwhile, the company’s shares fell by 1.5 percent following 0.8 percent decline of its benchmark Nikkei 225 Stock Average.
With the ongoing global recession, Japanese government is considering to inject stimulus package to its technology industry which are experiencing massive losses due to weak economy. With the stimulus package, the government expects it will generate thousands of jobs for the next two years.
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