The Textile Industry In The Island Started The Largest Wage Cut In History

The boom blew the cold current, the salary of large textile groups was cut for a small month, and the chairman of the board of directors of companies such as Tongyi Chemical Fiber Factory, New Fiber Factory, False Twister Factory, Tongyi Nylon Factory, Jisheng Nylon Factory, and Julong Nylon Yarn Factory took the lead pay cut , ranging from 4% to 30%. Yuanfang also plans to follow up, claiming to be the largest wage cut in the history of the textile industry in the island.

The last wave of downturn in the textile industry was at the end of 2001. Yuanfang, Nanfang, Hualong, Zhongfang and other major groups also offered salary reduction measures. However, most of the reduction was production or performance bonus, and this wave was full salary of employees. The industry described it as "minor injury" at that time, but this wave of salary reduction was "major injury".

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Longtou Chemical Fiber Factory Yuanfang has not actually joined the salary cut yet, and will discuss the proposal. According to the evaluation of Yuanfang, it is estimated that the salary reduction will be at least 10% depending on the grade and business, but there is another supporting scheme, which will "make up" the salary reduction based on the annual target rate of each person. Yuanfang said that this set of standards was formulated mainly to encourage employees to create greater performance, not to combat morale.

In the last recession, Yuanfang reduced its salary by 20% for one year. With the recovery of the boom, the performance improved, and the reduced salary of employees was compensated again.

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The salary of Xinxian, Jisheng and Yijin has been cut since December last year. Since December last year, Xinxian has reduced the salary of section chief by 5%, vice manager by 8%, assistant manager by 10%, chairman by 15%, and ordinary employees have three days of unpaid leave a month, which is about 10% lower.

After January, because the overall performance has not improved, and the upstream and downstream demand is still weak, the salary reduction rate of all staff will increase by another 10% for a tentative period of one year.

Jisheng is the first salary reduction measure since its establishment 40 years ago, cutting 5% salary from the general production line and administrative staff at the lowest level to 20% salary reduction for the highest chairman. Jisheng really lost a lot of money due to the collapse of raw material prices last year and the rapid decline of the overall market.

In the past, Chisheng never lost money. Three years ago, caprolactam (CPL) plummeted. Chisheng suffered a lot of losses due to inventory falling price, but soon the raw materials recovered and profits rebounded.

Jisheng said, "Many enterprises are laying off workers, and we don't want to do this." By cutting salaries, we hope to encourage everyone to propose cost improvement and cost saving plans to tide over the recession.

Yijin began to reduce his salary at the end of November last year. The chairman took the lead in reducing his salary by 30%, and the general administrative staff by about 4%. The number of working days of field operators was reduced due to the reduction of production, and the production performance bonus was also reduced, which was not included in this wave of salary reductions.

Editor in charge: vivi