Sony freezes staff wages

As part of its ongoing drive to cut costs amidst the tough global economic climate, Sony has announced that it is to put a freeze on staff wages for the year beginning April 2009, Reuters reports.

Japanese paper Nikkei has stated that in addition worker’s bonuses will be lowered from six months pay to four months and annual manager compensation will drop by between ten and 20 per cent, with bonuses slashed 35 to 40 per cent.

Sony is expected to announce a $2.65bn loss for its year ending March 31st next month.