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In consideration of the recent overall deterioration in business results, all directors and executive officers of Mitsubishi Rayon have already taken a pay cut on a voluntary basis effective from January this year as a statement of management responsibility, and they have agreed to a further reduction in their salaries effective from April. At the same time, the management of the Company has decided to carry out a pay cut for all managerial staff members below the rank of executive officer, as an additional measure to deal with the difficult current situation. Details are summarized below.
| 1. Pay-cut plans |
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All directors and executive officers will forgo between 20% and 50% of their salaries, with effect from April 2009. This follows on from a reduction in salaries by 10%-20% already enforced up to March. No bonus payments are currently made to directors or executive officers. |
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Monthly salary payments to all managerial staff members below the rank of executive officer will be reduced by 10% with effect from April 2009, and bonus payments scheduled for June 2009 will also be reduced by 10%. |
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| 2. Plan period |
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From April 2009, for an undetermined period |
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