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Politics : Formerly About Applied Materials

AMAT 260.22

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Dec 23 3:59 PM EST

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To: StanX Long who wrote (61854)	3/10/2002 11:29:07 PM
From: StanX Long	Read Replies (1) of 70976

Hitachi, Kao May Ask Government to Take Over Pensions (Update2) By Tomomi Sekioka, Miki Anzai and Kanna Takeuchi quote.bloomberg.com Tokyo, March 11 (Bloomberg) -- Hitachi Ltd. said it plans to return management of at least some of its employee pension money to Japan's government so it won't have to dip into earnings to cover return shortfalls. Japan's largest electronics maker is in talks with its employees' union on a plan to let the government run all or some of the 450 billion yen ($3.5 billion) in funds Hitachi manages for its workers, said company spokeswoman Emi Takase. Hitachi will retain management of its employees' 550 billion yen in supplemental pension money. Hitachi, Kao Corp. and Nisshinbo Industries Inc. are considering taking advantage of a new law that later this year will allow them to return responsibility for their employee pensions to the government. With interest rates near zero and Japanese equity markets sliding since 1990, employers have been forced to take charges against earnings to cover shortfalls in promised rates of return on their pensions.

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