JAPAN: Toyota slashes management bonuses
Toyota will cut summer bonuses for 8,900 managers by an average of 60% compared with 2008 due to the global auto industry downturn, according to a company spokeswoman.
Executive board members will receive no bonuses for the current fiscal year, the spokeswoman told AFP.
Toyota, which has laid off many of its temporary workers and suspended production for varying periods at many of its domestic plants, has separately agreed with its labour union to cut annual summer bonuses for its 63,000 members by 10 to 20% to an average JPY1.86m (US$18,900) for the 2009/10 fiscal year, which started on 1 April.
"The measure is based on the understanding that we should all share the pain," the spokeswoman said.