Japan's Sharp Corp. on Tuesday said it would slash salaries for thousands of employees -- from the factory floor to the executive boardroom -- as it scrambles to repair its bleeding balance sheet.
The electronics giant said it was aiming to cut another 14 billion yen ($179 million) in costs by chopping management pay by 10 percent and rank-and-file employees' salaries by 7.0 percent.
The cuts affecting employees in Japan would be in place until September next year, said Sharp, which earlier this year announced management and lower-level pay cuts of five percent and two percent, respectively.
Bonuses for some 27,500 employees in Japan would be halved, said the Osaka-based firm.
"Business circumstances surrounding the Sharp group are growing ever harsher, and improvement of financial strengths for recovery need to be secured," it said in a statement.
"An additional reduction in labour costs has been decided necessary."
Sharp also said it may issue a new sales and profit forecast for the fiscal year to March 2013 given the "still harsh business circumstances".
The company previously said it expected a net loss of 250 billion yen for the fiscal year through March 2013, a huge increase from an earlier projection of a loss of 30 billion yen.
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