TEPCO seeks 20% cut in employees' annual salaries
Friday 22nd April, 07:00 AM JST
Tokyo Electric Power Co is considering cutting annual salaries of its employees by around 20% as part of its restructuring effort to make compensation payments over the emergency at the Fukushima Daiichi nuclear power complex, company sources said Thursday.
The utility is now under negotiations with its labor union to reach an agreement by the end of this month, they said.
The proposal targets around 33,000 union members and does not include a workforce cut, the sources said, adding that TEPCO is also considering reducing remunerations for company executives.
The utility, meanwhile, is mulling selling off its assets to secure funds to pay compensation for people affected by the nuclear crisis, triggered by the March 11 earthquake and tsunami.
TEPCO, for example, will try to acquire hundreds of billions of yen by selling securities it holds such as KDDI Corp stocks and real estate it owns, the sources said.
The link is here: http://tinyurl.com/TEPCOisUGLY
My thoughts are in the comments section as TheBigRiceBowl (that's me! - Until I leave Tokyo)
Have a great day.
I love you! (but I don't love TEPCO)
Cam
Please tell me the salary cuts include the entire management chain as well, verses what the world saw with the banking institutions last year, where the jokers felt entitled,... yes,.. entitled to their bonuses after disastrously poor planning and performance!!!!
ReplyDeleteWhere's the black masked crusader to go all batman on their butts when we need him or her!!!
Respectfully,
Well, the shocking thing is, as written in the article, they are ALREADY in talks with the union to reduce employee incomes by 20% but are only CONSIDERING "reducing remunerations" for executives. Sound familiar?
ReplyDeleteWe need some Zorro-sans about now.
How about the execs who mismanaged this crisis from the start get a 50% pay cut and leave the workers alone?
ReplyDelete50% isn't good enough. If Masayoshi Son, the owner of Softbank (sole rights to iPhone in Japan) can donate 10 billion yen, (125 million dollars) of his own personal money PLUS all of his executive bonuses until he retires to the people of Tohoku, one would think that the executives could offer 100% of their income for a year or two, and live off the millions they probably already have.
ReplyDeleteThat's sickening.
ReplyDeleteThe other problem John is that unions in Japan are absolutely nothing like unions in the US. Here, they are a gathering of people working in an industry, to provide a voice for that industry, and a contact point for management to basically tell the industry what they are going to do. Here, the union would NEVER reject management's requests because it's all about harmony. So the unhappy people will, rather than cause an uproar (though this is changing), quietly choose to maintain the group harmony, and leave the company. Of course they won't be happy, and of course they will have to put up with massive stress from their spouse who will be royally pissed off... but hey, that's life, I guess.
ReplyDeleteSickening it is.
That sounds more like the afterlife in a new level of Dantes's Hell.
ReplyDeleteGlad to hear there is some change starting to take place with regard to folks getting more vocal. Long term that's far safer than the blowup that comes when folks finally get fed up after being totally silent.
Concerning the drive towards harmony in the culture, a little too much harmony as you've pointed out is unhealthy. Growth and development are not harmonious processes. They are a series of starts, fits, pushing, shoving, stops, bumps, hits, slips, slams, redirects and starting again.
The process is chaotic and messy.
That said, it would do the powers that be good to remember there is a flip side to those harmonious manners in Japan. There's a similar pattern down here in Texas.
As an example lots of folks from outside of Laredo have a tendency to mistake the good manners and people being nice as the same being a bunch of push overs.
The reason for the decent manners in south Texas most outsiders don't know, is that this is what keeps things working within what would otherwise be an extremely violent society. Push those boundaries and ignore the reasons for those manners,... well,... hearing the phrase "Get a rope" is the least of one's worries.
I suspect after 3,000 years of warfare, Japanese society's drive towards harmony is based on a similar principal. Those are not boundaries I'd care to test for very long.
Yep,... sounds like a new level of Dantes's hell in the afterlife rather than life.
Respectfully,
John - I think you will be pleased to read the next post I put up. Those folk visiting Dante are finally saying, "No, I really HAVE to pee, and I want to go RIGHT NOW!"
ReplyDeleteOr is that my next next next post. The other one about Balls.
Sorry, it was "next next next NEXT".
ReplyDeleteyou guys handled it yourselves ;)
ReplyDeletejust now got the update...multiply hiccups
remember the gift cam
ReplyDelete;) keep it smart and considered