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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62110)	3/14/2002 10:21:34 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Matsushita Electric, NEC in Talks With Unions on Pay Freeze By Yoshifumi Takemoto and Keiko Kambara quote.bloomberg.com Tokyo, March 15 (Bloomberg) -- Matsushita Electric Industrial Co. and NEC Corp. said they're holding talks with labor unions representing their employees to freeze automatic annual wage hikes for six months, becoming the latest Japanese electronics makers to pare costs by reducing labor expenses. ``We're shifting to a system based on each employee's performance,'' Matsushita Electric spokesman Kazutaka Souma said, without elaborating. The No. 1 consumer-electronics maker and the union representing 57,000 of its employees at the parent company and its major five group companies are discussing the issue. NEC, Japan's biggest maker of personal computers, has held talks with the union representing 21,000 of its workers aimed at reaching agreement on delaying a pay raise to October from April, spokesman Seiichi Inaba said. The talks were reported earlier today by the Nihon Keizai newspaper. Major Japanese companies, which traditionally offer automatic salary raises to their employees every April, are cutting costs to cope with mounting losses after demand for their products slumped last year.