Prudential Life leaders to give back 30% of pay for three months
President Hiromitsu Tokumaru and two other Prudential Life executives will voluntarily return 30% of their monthly salaries for three months after sales staff misconduct was uncovered.
Prudential Life Insurance Co. announced that its president, Hiromitsu Tokumaru, along with two senior managers, will each give back 30% of their monthly remuneration for a three-month period. The move follows a scandal in which roughly 100 employees were found to have defrauded about 500 customers, siphoning around 3.1 billion yen. The executives said the pay reduction is meant to take responsibility for the wrongdoing of the sales team.
Why it matters
The pay cut signals corporate accountability after a large fraud affecting hundreds of customers.
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