E&Y asks China staff to take low-pay leave
Staff at the Big Four firm can take 40 days of low-pay leave between July 2009 and June 2010, on 20% of the salary
Ernst & Young has asked staff in China to take low-pay leave to save
operating costs amid the economic downturn, Reuters reported.
The Big Four firm has launched an initiative to encourage its staff in China
to take 40 days of low-pay leave between July 2009 and June 2010, Reuters said.
Those who agree to participate in the programme can get 20% of their usual
salary while retaining all of the benefits of a full-time employee.
Ernst & Young has become the second Big Four firm use flexible working
schemes in an effort to trim costs.
In February nearly 70% of KPMG’s 11,000 UK staff applied to work a four-day
working week or take extended unpaid leave.
The flexible working scheme is designed to avoid redundancies at the
accounting firm if the economy deteriorates further.
E&Y’s low-pay leave plan will apply to Ernst & Young employees in
Hong Kong, Macau and mainland China where the firm has 8,500 employees in total.
Further reading:
Ernst
& Young China staff to take low-pay leave
KPMG
staff rush to apply for four-day week