Osaka-based textile producer Shikibo Ltd said on Tuesday it will cut base employee salaries by 10 per cent, axe 10 per cent of its workforce and spin off a plant in central Japan as part of its restructuring plan. The firm said the wage cuts will start in March for those in managerial posts and in April for others, with the size of reductions in board members' pay increased to 20-40 per cent from 10-25 per cent until the company resumes dividend payments.