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Managers to get ¥100,000 incentive

JIJI

Tokyo Electric Power Co. will pay a special bonus of ¥100,000 each to managers on Monday with the aim of preventing them from quitting, it was learned Friday.

Tepco decided on the step after consulting the central government, although the payout may draw a public backlash in light of the slow progress in cleaning up the March 2011 catastrophe at the Fukushima No. 1 nuclear plant and paying compensation to people harmed by the crisis.

“It is extremely important to maintain a sense of mission” of company officials working to contain the catastrophe, Tepco President Naomi Hirose said.

A total of some ¥500 million will be paid to about 5,000 employees at the section chief level or higher. As Tepco slashed costs by some ¥140 billion more than its initial target in fiscal 2012, the utility can afford the payout.

Tepco has cut annual wages for employees in managerial posts by 30 percent because of the calamity and subsequent electricity rate hikes. As a result, many senior officials have quit or declined offers for promotion. Of some 710 employees who voluntarily quit in fiscal 2012, which ended in March, 40 percent were managerial officials and candidates.