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[Cost Reductions]Personnel expenses

Result (¥ billion) Target (¥ billion)
FY2014 FY2015 Total of 10 years
127.7 1,296.0

*The amount provided in the parenthesis in FY 2014 results is the target amount.

Specific measures
Items Contents
Personnel Reductions
  • After thorough streamlining via readjusting the group structure and drastic operational efficiency improvement, we will reduce the number of persons by cutting back on hiring and implementing voluntary retirements ahead of schedule (approx. 7,400 employees on a consolidated basis, approx. 3,600 employees on a non-consolidated basis)
  • To further enhance management rationalization, we implemented a volantary retirement program in the scale of 1,000 personnel in FY 2014, targeting employees over 50-year-old.
Reduction of Salaries and Bonuses
  • Continue to cut annual earnings across the board
  • Introduce a new personnel evaluation system
  • Reduce overtime wages (reduction to 25% on weekdays which is the bottom limit of the legal standard)
  • Implement a further reduction by going through the personnel scheme in more detail, such as deliberate appointment of employees
Revision of the Retirement Benefit Scheme
  • Revise the pension system (reducing the interest rate used for revaluation [to 1.5% for active employees and 2.25% for retirees], and reduction of whole life annuity [-30%])
Revision of Benefit Programs
  • Revision of health insurance, asset-building schemes, cafeteria plan, employee stock ownership plan

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