Sharp announces cut in employees salaries

Sharp announces cut in employees salaries

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Electronic manufacturer Sharp on September 11, 2012 said that it would slash the salaries of thousands of its employees from the factory floor to the executive boardroom. The move will be taken while the company tries to recover its balance sheet.

Sharp also said that it aims to cut another 14 billion yen in costs by cutting the pay of the management class by 10% and the rank and file employees salaries by 7%. The salary cut for the employees in Japan would be in place until September next year. The company had earlier announced that they would cut the salaries by 5% to 2% of the management and lower levels respectively.