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Toyota to cut winter bonuses for management-level employees by 20%

Posted on: Fri, 27 Nov 2009 10:05:00 EST

Symbols: TM

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NAGOYA, Nov 26, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) --
TM | Quote | Chart | News | PowerRating -- Toyota Motor Corp. plans to cut this year's winter bonuses for about 8,700 management-level employees by an average 20 percent from last year as the company suffers from poor earnings, company officials said Thursday.

The world's largest automaker slashed its managers' winter bonuses last year by 10 percent from year-before levels and their summer bonuses this year by 60 percent.

Toyota makes tentative bonus payments to management-level employees in winter, fixes annual bonuses based on earnings for its fiscal year to March and adjusts summer bonuses in line with the fixed annual bonuses.

This year's winter bonuses for non-management-level employees belonging to Toyota's labor union go down about 18 percent from last year's, according to the company.

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