Salary Pay Cuts
The company workers agreed to a management proposal to cut their pay as a sense of responsibility for the world's worst nuclear disaster Annual remuneration for board members will be reduced by 50 percent since April 2011, while payment for managers will be cut by 25 percent and workers by 20 percent both since July 2011 and bonuses since June 2011. The company expects to save about 54 billion yen ($659 million) a year from the pay cuts.
In July 2012 it was announced that annual salaries of managers will be reduced by at least 30%, with workers pay cut remaining at 60%. On average employees pay would be cut by 23.68%. In addition, the portion of the employee health insurance program that the company covers will be reduced from 60% to 50%, the standard in Japan.
Read more about this topic: Tokyo Electric Power Company
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