JFE Steel Corp announced plans to reduce workdays beginning next month, in a move that will affect 13,000 employees.

The core JFE Holdings Inc unit will add two days off a month for nearly all operations, with workers to receive 80% of their regular pay on those days.

The cuts apply to production sites, including steel works in Chiba and Okayama prefectures, as well as related divisions. Although sales operations are excluded, the work reduction covers 90% of the company's personnel from the department head level down.

Both JFE Steel and the holding company have lowered executive compensation starting this month, with cuts of 10% for directors and internal auditors and 7% for corporate executive officers.

Earnings-linked bonuses for management have been shaved by an additional 3% to 5%.

(Sourced from Asiapulse)