• SHARE

Tokyo Electric Power Co. is considering cutting its employees’ annual salaries by around 20 percent as part of restructuring efforts to raise funds for compensation over the Fukushima No. 1 nuclear emergency, company sources said Thursday.

The utility is currently in negotiations with its labor union to reach an agreement by the end of this month, they said.

The proposal targets around 33,000 union members and does not include a workforce cut, the sources said, adding that Tepco is also considering reducing remuneration for company executives.

The utility, meanwhile, is mulling selling off its assets to secure funds to pay compensation for people affected by the nuclear crisis, triggered by the March 11 earthquake and tsunami.

Tepco will try to acquire hundreds of billions of yen by selling securities it holds, including KDDI Corp. stocks and real estate, the sources said.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW