business

Toyota slashes bonuses for managers by 20%

14 Comments

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14 Comments
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Do they pay tax on the bonuses?

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Toyota declined comment on the costs or the forecasts.

Disappointing.

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Bonus are taxable.

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This is going to be a grim Christmas in Japan.

-Toyota slashing bonuses -JAL slashing pensions -JTB closing 200 branches -Yen is at 14 year high vs Dollar

Double Dip recession anyone?

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If the Japanese economy can't get off the forex float quick, they are "screwed".

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You should cut bonuses when you're not managing the quality control of your cars and have a 4 million car recall for a gas pedal. Japanese car makers are picking up bad habits from U.S. auto makers.

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Their winter bonus will average 930,000 yen this year

Good Lord, 930,000 ???

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"Their winter bonus will average 930,000 yen this year"

Does this still sound like a hell of a lot of money for a "crisis" bonus to anyone else???

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20% is hardly slashing it, 50% would be more like it...

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Economic crisis, deflation, strengthening yen/weakening dollar, 4 million vehicle recall... when it rains, it pours... I agree with Wanderlust's comments that the Managers' bonuses should be cut by more than 20%, especially if the workers' bonuses are going to be cut 18% from last year.

Interesting thing about the recall though, the article mentions Toyota has its cost covered in their budget, but the more detrimental effects of the 4 million vehicle recall is the potential of losing current customers and not gaining new ones. Toyota is in for a rough ride.

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Yeeeeeeeeessssss, it almost seems like it is being orchestrated, but that couldn't be, could it??? ;)

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It doesn't make sense. If they are in the red again this fiscal year and if bonuses reflects company's performance then wouldn't that mean that they get nothing, a bif fat zero bonus??

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if bonuses reflect company's performance

They don't. Bonuses are not for performance; they could be considered delayed payment. With a bonus they get X yen divided by 16, without a bonus they get X yen divided by 12. The total is the same, how they get it is different. Management can more easily change the bonus (up or down) than regular pay, however.

And they are taxed but at a lower level that regular pay, I believe, so getting a big bonus is beneficial to both employer and employee.

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Borscht, thank you for explaining that.

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