clsa-expects-senior-staff-will-take-paycuts

CLSA expects senior staff will take pay-cuts

The firm has asked roughly 500 employees to take a voluntary pay-cut and expects that at least 75% of those approached will choose to reduce their salaries.
Last week, Hong Kong-headquartered brokerage CLSA Asia-Pacific Markets asked approximately one-third of its senior staff across all 17 regions and departments to consider taking a voluntary pay-cut of up to 25% beginning in January 2009. As of late Monday, the response rate, according to the firm, was very positive.

The cut-off date for saying yes or no was yesterday, and the firm anticipated at least 75% of the people they asked to consider taking a pay-cut would opt in. CLSA asked senior employees if they would volunteer a salary reduction û with an option of taking a 15%, 20% or 25% reduction. The idea, of course, is to reduce the chance of possible layoffs....
¬ Haymarket Media Limited. All rights reserved.

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