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Norden holds back on pay raises

“Moderation” is the keyword for employees in Norden. Pay raises have been modest, and the bonus payment in April will be the lowest in years.

Though Norden Chairman Mogens Hugo sees the light at the end of the tunnel, this is not something that senior employees and employees in general are going to feel through hefty bonuses or pay raises. In his 2011 report, the Chairman stresses that “a very important button or parameter is to show moderation and keep expenses under tight control.”

This is reflected in the scope of bonuses assigned to employees for 2011, which will be paid along with the salaries for April. Norden has assigned bonuses for USD 2.6 million, the lowest figure in years. On top of this, no collective bonuses were given, individual bonuses have been lowered significantly through smaller figures to fewer people, and there were no bonuses for the Board of Directors in 2011.

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