Toyota Motor plans to cut this year’s winter bonuses for about 8,700 management-level employees by an average 20% compared with last year as the company suffers from poor earnings, company officials have said.
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Last year it cut bonuses 10% and summer bonuses this year by 60%, according to Kyodo News.
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 union employees fall about 18% from last year’s, according to the company.
