Thainox employees protest over benefits cut

 A, the alias of a protester, said the company recently asked all employees to sign up new welfare contracts which substantially cut welfares and bonus payment, effective on January 1. Meanwhile, the company would also cut their salary by 25 per cent during the Dec 15-Jan 15 suspension.

 "Most employees are in trouble as they have to pay installments for cars and houses," she said.

 It was reported that the employees agreed to resume to their work after executives agreed not to cut the 25 per cent salary during the 1-month suspension. Meanwhile, the proposed cut in welfares would be renegotiated on Jan 20.  

 Steel companies have suffered largely from the sharp declines in steel prices, along side with other metal commodities. Steel prices have fallen by more than 50 per cent from its peak earlier this year.