Big employer slashes play: unions fear more wage cuts amid recession

Article Abstract:

Hong Kong Telecommunications Ltd has announced that it will slash wages by 10% in order to reduce chances of layoffs and analysts view the move as a possible catalyst form more layoffs and wage reductions. The company is a relatively stable company compared to its competitors and its counterparts in other sectors and its move may bring about other less-placed companies to use the recession as a reason to slash wages.

Human resource management

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Big employer slashes pay

Article Abstract:

Hong Kong Telecommunications Ltd. announced that it will reduce employee salaries. The move reflects the possibility that wages will drop all over Hong Kong as a result of the Asian economic crisis. Hongkong Telecom has requested that all of its 14,500 workers accept a pay cut of 10% beginning on November 1, 1998. The company says that the salary cuts will make it uneccessary to layoff more workers.

Comment:

Announced that it will reduce employee salaries by 10%

Wired Telecommunications Carriers, Telephone Communications, Personnel administration, Telephone services, Article

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Hongkong telecom to tie workers' pay to profit in 1999; other firms in Asia may follow suit in search for ways to control labor costs amid recession

Article Abstract:

Hong Kong Telecommunications Ltd has declared that it will tie employees' bonuses to profit in 1999. This would mean that if operating profit increases between 3% and 5%, employees will receive half a month's salary. If operating profit increases from 5% to 12%, workers will receive a month's salary. In addition the company has promised to offer all workers options to buy shares at a nominal price.

Labor force information, Bonus & Merit Payments, Management, Compensation and benefits, Bonuses

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