Mon, June 07, 2010
Business > Entrepreneur > Foxconn suicide cluster

Foxconn promises 66% salary hike before Oct

2010-06-07 08:34:03 GMT2010-06-07 16:34:03 (Beijing Time)  China Daily

SHENZHEN -- Foxconn, a world's leading IT contract manufacturer, announced Sunday night in a statement that it will raise salaries for assembly workers at its production base in the southern Chinese city of Shenzhen by 66 percent to 2,000 yuan (US$293) per month as of October 1.

Foxconn last Wednesday announced a 30-percent pay increase for workers at its Shenzhen plants starting June for what it claimed were "rising consumer prices and living costs and its corporate performance."

The pay rises came after 10 workers killed themselves and three attempted suicide at Foxconn's Shenzhen base this year.

Foxconn hoped the pay hikes would help employees increase incomes while reducing overtime, and have enough time for leisure activities.

Stock trading in the listing arm of the suicide-plagued company was halted right after the opening on Monday morning in Hong Kong pending the release of price sensitive information, a company spokesperson said.

"At the request of Foxconn International Holdings Limited, trading in the shares of the Company on The Stock Exchange of Hong Kong Limited has been suspended with effect from 10:02 am on June 7, 2010 pending the release of price sensitive information," said the company in a statement filed to the HK stock exchange.

Shares of Foxconn, the only constituent stock from China's Taiwan, ended at HK$5.66 before trading suspension, down 5.5 percent from the previous closing.

Foxconn makes computers, game consoles and mobile phones for companies including Apple, Hewlett-Packard, Sony and Nokia.

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