Temasek freezes pay, cuts bonuses for a year to counter virus impact

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State investment arm took similar measures during 2003 SARS outbreak, 2008 global financial crisis. FMTNews Temasek

SINGAPORE: Temasek Holdings Pte, Singapore’s state-owned investment firm, is implementing a company-wide wage freeze for an as-yet-undetermined period and asking senior management to take voluntary pay reductions for up to a year amid the coronavirus outbreak.

Temasek said it will donate part of the money it saves to staff-volunteer initiatives, and support the community as needed through unspecified measures. Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong, is Chief Executive Officer of Temasek Holdings. Temasek’s investment strategy has been focused on buying into structural trends, such as changing consumption patterns. Those have been disrupted globally as governments clamp down on the movement of people and the production of goods.

 

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