OREANDA-NEWS. Sharp Corporation announces that it has decided at the board of directors meeting held on May 30, 2013, to continue measures to reinforce business foundations with the reduction of labor costs, as below. Subjects that require labor union discussion have been informed to the labor union on the same day.

As announced in September 11, 2012 “About Conducting Measures to Reinforce Business Foundations,” Sharp group is currently in the process of recovering its business performance. As part of its measures to reduce labor costs, the reduction in salary of managerial staff and rank-and-file (union members) employees and the review of bonuses has been conducted.

While business circumstances surrounding the Sharp group are still harsh, the improvement of financial strengths for “Recovery and Growth” needs to be secured, and therefore continuation of measures has been deemed necessary.

Details of the continuation of business reinforcement measures. A 10% salary cut implemented from October 2012 to September 2013 will continue with “a 5% cut”. Implementation period: from October 2013 to March 2014

The December 2013 bonuses will be halved compared to the June 2012 bonuses which were reduced by approx. 30% compared to the previous year. (The same measure took place with the December 2012 and the June 2013 bonuses.)

Several allowances and welfare programs for union member employees are currently applied to managerial staff as well. Changes in these items that are subject to measures informed to the labor union this time will be applied to managerial staff accordingly, once discussions with the labor union are settled.

Implementation period: from October 2013 to March 2014.