Tokyo Electric Power Co. (TEPCO), the operator of Japan's quake stricken nuclear power plant has decided to slash wages in order to absorb the financial hit from the ongoing atomic crisis. TEPCO said it will halve the yearly salaries of its board members. It has also cancelled plans of recruiting 1,100 new graduates next year in another cost-cutting measure. The company's Chairman, President, Vice Presidents and Managing Directors will see their annual pay cut by 50 percent from this month, while that of executive officers will drop by 40 per cent. TEPCO is facing “significant deficits” as it is likely to have to pay out compensation to those affected by the world's worst nuclear emergency since Chernobyl in 1986.