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Hon Hai May Boost Wages Following Suicides

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money8 May 28, 2010 (Chinavestor) Hon Hai Group (2317.TW), the Taiwan-listed assembler of Apple's (Nasdaq:AAPL) iPhone, may boost employee wages 20% following 10 apparent suicides among company staffers this year. Five of those suicides have taken place this year.

Hon Hai (2317.TW) did not say why it was increasing worker pay. The company is the world's largest contract producer of electronics. Shenzhen police and customers from Apple to Dell (Nadaq:DELL) are probing Hon Hai’s work conditions after the deaths, according to Bloomberg News.

Analysts have estimated the raises may cost Hon Hai (2317.TW) as much as $84 million. Citigroup (NYSE:C) lowered its earnings estimates for Hon Hai (2317.TW) by 11%.

The suicides may be the result of working conditions at Hon Hai (2317.TW) facilities, leading some to speculate the raises will do little to improve worker morale.



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