Sony to freeze wages for a year - Nikkei
NEW YORK, March 18
NEW YORK, March 18 (Reuters) - Sony Corp (6758.T) has decided to freeze its workers' salaries for the year starting in April to improve profitability, the financial daily Nikkei said in its Thursday edition.
The paper said workers' bonuses will also be lowered to four months' pay from six months, and annual compensation for managers will be dropped 10 to 20 percent through wage cuts and 35 to 40 percent bonus reductions.
"Executives will also be slugged with huge cuts to bonuses and salaries," Nikkei said.
Due to the global economic downtown and the strength of the yen, Sony is expected to report a group operating loss of 260 billion yen ($2.65 billion) for the year ending March 31, the paper said. ($1=98.1086 yen) (Reporting by Gerald E. McCormick)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.