TOYOTA TO SLASH MANAGERS' WINTER BONUSES BY 20%
TM | Quote | Chart | News | PowerRating -- Toyota Motor Corp. (TSE:7203)
this year will cut winter bonuses for those in managerial
positions by an average 20 per cent compared with 2008.
Some 8,700 nonunion personnel ranked section head or higher
will be affected by the move. Toyota has already decided to
reduce bonuses paid to union workers as well.
The automaker usually distributes a winter bonus and then
another in the summer, which is based on earnings for the full
fiscal year.
With earnings skidding quickly, Toyota trimmed 2008 winter
bonuses by around 10 per cent and then slashed its summer
payment by approximately 60 per cent. Ultimately, the combined
bonus amount shrank about 40 per cent.
Even though earnings are on the rebound, the automaker is
bracing for its second straight net loss this fiscal year and
is unlikely to avoid further personnel cost cuts.
(Nikkei) cg
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