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NEC union agrees to 4pc wage cut

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.