Nikko Securities Co. will introduce a new fixed salary system next spring to offer a unified monthly wage of 300,000 yen to all nonmanagement workers, company sources said. At the same time, the brokerage will determine bonuses based strictly on individual workers' performance, the sources said Sunday. With these steps, an effective shift from the convention al seniority-oriented pay system to a performance-oriented pay system, the company hopes to boost young employees' sense of responsibility for their tasks. Nikko earlier introduced an annual salary system for management. Under the new system, there will be no automatic salary rises reflecting individual workers' length of service. Starting salary for new recruits, currently set at about 180,000 yen, will jump by nearly 70 percent. Bonuses will also be limited to a maximum combined amount for summer and winter of 7.2 million yen -- twice the total of a 12-month salary. In order to secure capable employees, the company will shorten the period for promotion to management to about five years from the current 10 years.
