Reuters: Regulatory News: UPDATE 1-NEC's union agrees to a 4 pct pay cut - Nikkei

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UPDATE 1-NEC's union agrees to a 4 pct pay cut - Nikkei Mar 27th 2012, 18:16 Tue Mar 27, 2012 2:16pm EDT March 28 - NEC Corp and its union have reached an agreement to cut wages by 4 percent across the board from April till the end of the year, the Nikkei reported. Since the parties had agreed earlier on built-in wage hikes that take effect next month, pay is expected to effectively decline only by 2 percent on average, the daily reported. NEC, which expects to record a consolidated net loss of 100 billion yen ($1.20 billion) for the current fiscal year, aims to improve its earnings next year by cutting personnel costs.

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