Sanyo Electric Co Ltd is to cut winter bonuses for managers in response to falling profits: it will cut its winter bonus for section chiefs and above by 10%, and provide product vouchers worth 10% of their bonus to division chiefs and above; and NEC Corp will give executives and managers product vouchers as part of their winter bonuses, boosting the company’s sales by $6.5m or so – under the plan, all 6,500 executives and managers at the level of section chief or higher will receive vouchers for NEC products; the company has not yet decided whether the managers will get their usual in-house discount when using the vouchers, or will have to pay the full retail prices.
