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To: StanX Long who wrote (62128)	3/14/2002 11:57:49 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hitachi proposes 5% pay cut outside wage deal host.wallstreetcity.com TOKYO, Mar 14, 2002 (Kyodo via COMTEX) -- Hitachi Ltd. has proposed to its labor union a 5% wage cut for its workers to be implemented for one year from April 1 separately from an annual wage deal struck Wednesday, company sources said Thursday. Under the latest wage accord for the 2002 business year beginning April 1, Hitachi employees will receive standard yearly hikes of around 2%, but the proposed 5% cut would eat away into the gains and workers would suffer a 3% pay cut in real terms. Hitachi is the first major electronics firm to introduce a pay cut after the completion of annual spring wage talks between management and labor. Hitachi's management regards the proposed pay cut as an emergency measure to help reinvigorate the company's performance and hopes to win the understanding of the labor union, the sources said. Despite the pay cut, Hitachi will stick to its promise of paying annual bonuses equivalent to four months of salary for fiscal 2002, the sources said. Hitachi, which is seeing severe deterioration in its business, forecasts a group net loss of 480 billion yen on revenues of 7.8 trillion yen for the current fiscal year to March 31. 2002 Kyodo News (c) Established 1945