As explained in the all hands meeting on February 15th, the Company has suffered a large decline in business due to the recent economy downturn. Management has decided that a salary reduction is absolutely necessary at this time in order to improve cash flow, avoid further losses and possibility of retrenchment.

Therefore, we regret to inform you that your monthly basic salary will be reduced by 10% effective 1st March.

Meanwhile, the Management will continue to monitor the situation. Your salary will be restored if the economy situation and Company’s performance improves.

Your understanding, support and co-operation to help the Company to go through the current economy situation will be appreciated.