SONY Puts Bank Account On Lock Down
Published by wes213 on Thursday, March 19, 2009
Tagged: Gaming,
With all the staff cuts that have been in the news over the last few weeks you would think that Sony might be saving a buck or two but you would be wrong, the staff at Sony might just start quiting on there own after they get news of the wage freeze.
Edge-Online.com reports: Sony will freeze the salaries of its workforce throughout the entirety of the next fiscal year.
Starting from April, the electronic entertainment enterprise will hold off any salary gains, as well as cut bonuses from six months’ pay to four months.
The measures affect the entire corporate structure, including senior management. Annual compensation for managers will fall 10-20 percent through wage cuts, as well as 35-40 percent bonus reductions.
“Executives will also be slugged with huge cuts to bonuses and salaries,” Japanese trade publication Nikkei said.
Unemployment remains on the upswing in Japan as global demand for cars and electronics continues to fall. The strength of the Yen recently reached a thirteen-year high, diminishing opportunities for the nation’s export trade.
Such sliding exports have forced a number of Japanese companies to curb production, and look for alternative ways to recoup losses. On Wednesday, three key technology groups – Toshiba, Hitachi and NEC – claimed they were considering similar measures to Sony.
Sony is expected to report a group operating loss of $2.65 billion for the year ending March 31. The firms’ shares dropped 1.4 percent following the news.
While this is not all on the PS3 side as Sony is a huge company it is sure to effect the game side as much as any department in the Sony corporation.
News-Source:
edge-online.com
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