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According to a Reuters report, Sony Corp stated today that it would freeze workers’ salaries this year. The company is trying to recover from a record loss of 2.9 billion dollars. What does a wage freeze mean? Typically, companies in Japan give annual pay raises based on tenure. However, Sony bucks this trend by giving out annual raises based on performance. Even so, workers count on these salary increases. A price freeze means no one will be getting the bump they were counting on. Moreover, bonus will also be getting slashed. ” Sony said in January that pay for managers would drop by 10 to 20 percent through wage cuts and bonus reductions of 35 to 40 percent.” And workers’ bonuses will be cut from four months’ pay to six months. How this will impact the gaming division is anyone’s guess. |