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Siemens brass gives $45M to hardship fund

Oct. 2, 2006 at 4:26 PM

FRANKFURT, Germany, Oct. 2 (UPI) -- Top managers at Germany's Siemens AG canned 30 percent raises over concern for the future of 3,000 jobs at its former cell phone subsidiary.

Instead of taking the planned raise, Siemens executives say they will donate the money, about $45 million, to a fund for staff at BenQ Mobile, which Siemens sold to a Taiwanese firm last year, the BBC reported Monday.

BenQ Mobile filed for bankruptcy protection in Germany last week.

"We find BenQ's course of action in Germany unacceptable and are helping as much as we can," Siemens Chief Executive Klaus Kleinfeld said. "If BenQ leaves the staff standing in the rain, we want to help actively and energetically, and indeed fast."