Beijing, Jun 9 (IANS): Chinese electronic giant Foxconn Technology has announced that it will not pay any compensation if its staff commits suicide.

Foxconn, hit by a series of staff suicides this year, said the move was an effort to prevent employees from killing themselves in order to receive compensation for their families.

The company officials said they have "concrete evidence" that some of its employees took the extreme step due to financial concern, Xinhua reported.

"The act is wrong. Life is precious. To prevent such tragedies, Foxconn is to cease releasing compensation other than that provided by law," the company said.

Ten employees of Foxconn's south China factory committed suicide this year. Two others were injured when they also attempted suicide by jumping off the buildings.

Families of most of the victims received a compensation up to 100,000 yuan ($14,662).

The company Sunday announced a 66 percent salary hike to 2,000 yuan ($293.3) per month for its workers.

Foxconn, whose parent company is the Taiwan-based Hon Hai Group, is a major supplier to Apple, Sony and Nokia.