Chinalco to reduce wages

Aluminum Corporation of China (Chinalco), the world's second largest alumina producer, will cut employees' salary but promised not to lay off workers this year, in a move to weather the global economic slowdown, the company's senior officials said.

Lu Youqing, vice president of Chinalco, said on Friday that the company would cut the salary of workers by 15 percent and the salary of senior management by up to 50 percent this year.

The move is expected to save 3-4 billion yuan in expenditure for the company.