11 September 2012, Japan’s Sharp Corporation revealed that the economic situation is worse than they first thought.  They are now cutting wages, salaries and bonuses even more than they first planned.

Sharp will now layoff 5,000 employees by March 2013, the first time since the 1950s!

Workers will get a 5% cut in pay, up from the planned 3% cut.  Managers will get a 10% cut in salaries, on top of the 5% cut back in April!  In June bonuses were cut by 30%, and will be cut again under Sharp’s new plans.

The reason for the new and increased cuts is to hopefully make banks happy, as Sharp needs new huge loans to continue operations!