Chinalco, which saw profits drop last year, was one of several large state-owned companies in China that have said they would reduce wages rather than cut jobs after coming under heavy pressure from the central government to avoid large job losses.
Lu Youqing, vice-president of Chinalco, said wage cuts would reduce the group's costs this year by Rmb2bn ($290m). For the company's executives, the more senior they were, the larger the pay cut would be.
The company's strategy contrasts with that of several large international rivals, which have announced deep job cuts as a result of the downturn.
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