<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>CLSA asks staff to consider pay cuts
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->HONG KONG: Brokerage CLSA has asked one-third of its workforce to consider taking a voluntary pay cut of up to 25 per cent, spokesman Simone Wheeler said yesterday, in a move aimed at avoiding axing jobs.
About 500 senior employees have the option of taking a 15 per cent, 20 per cent or 25 per cent reduction, she added.
CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole, is among the many financial firms trying to keep staffing levels, while dealing with the financial crisis that has deepened across Asia in the last few weeks.
When the new salary goes into effect next year, participants will receive money back if monthly cost targets are met. Staff will receive what they sacrificed plus an incremental 8 per cent, 17 per cent or 25 per cent depending on the agreed upon reduction, Ms Wheeler said.
The deadline for participants in the programme was yesterday.
'We are expecting a very good response,' Ms Wheeler said. 'What we're trying to do is maintain our service level, and avoid having to cut jobs.' She added that a similar effort in 2003 was a success.
The global financial crisis has forced firms to cut thousands of jobs. Goldman Sachs said last week it was laying off about 10 per cent of its workforce. REUTERS
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->HONG KONG: Brokerage CLSA has asked one-third of its workforce to consider taking a voluntary pay cut of up to 25 per cent, spokesman Simone Wheeler said yesterday, in a move aimed at avoiding axing jobs.
About 500 senior employees have the option of taking a 15 per cent, 20 per cent or 25 per cent reduction, she added.
CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole, is among the many financial firms trying to keep staffing levels, while dealing with the financial crisis that has deepened across Asia in the last few weeks.
When the new salary goes into effect next year, participants will receive money back if monthly cost targets are met. Staff will receive what they sacrificed plus an incremental 8 per cent, 17 per cent or 25 per cent depending on the agreed upon reduction, Ms Wheeler said.
The deadline for participants in the programme was yesterday.
'We are expecting a very good response,' Ms Wheeler said. 'What we're trying to do is maintain our service level, and avoid having to cut jobs.' She added that a similar effort in 2003 was a success.
The global financial crisis has forced firms to cut thousands of jobs. Goldman Sachs said last week it was laying off about 10 per cent of its workforce. REUTERS
