Guangzhou: Following the executives in CSSC Group taking a 30% voluntary salary cut, Guangzhou Shipyard International (GSI) has carried out a salary reduction policy among its employees.
“My salary had already dropped 30% last year, there is a further 25% drop in January,” an employee at GSI complained. “The official announcement said the drop is 20%, but from what I calculate, it is about 35%-40%,” another employee said.
GSI has announced it estimated the profit of the company will slump by 80%-99% for 2012. GSI attributed the slump to decreasing newbuilding prices.
GSI received nine orders in 2012, including six 50,000dwt chemical tankers, one roro and two VLCCs. [24/01/13]
