NEC Corp. said on Tuesday that it has agreed with its 16,000-strong labour union on an emergency cost reduction measure to cut monthly wages by 4 percent from April through December.
The Japanese electronics maker proposed the wage cut 15 March in response to its worsening business performance. In labour-management talks, NEC had said it would maintain its wage system for seniority-based regular pay hikes while seeking negotiations on measures to cut labour costs.
(Source: The Japan Times Online)