Sony Freezing, Cutting Employee Wages

Sony have, for the first time in company history, "mothballed" employee wages and bonuses in an attempt to stem the company's financial bleeding.

This means there'll be no wage increases over the next 12 months. For anyone, from the tea ladies all the way up to Sir Howard, and everyone (including the PlayStation folks) in between. Rank-and-file employee bonuses will also be cut by 33%, while managers will be faring even worse, seeing not only a 35-40% reduction in their bonus payments, but a 10-20% wage cut as well.

Not even the top brass will escape unscathed, with Nikkei reporting that "Executives will also be slugged with huge cuts to bonuses and salaries". Ah well. Remember, Sony, before things get better, you must suffer!

Sony to freeze wages for a year - Nikkei [Reuters]