The move, which will start in April, will see Temasek halt all raises and salary increases linked to promotions.
With the money saved, Temasek will donate to staff volunteer initiatives and support the community as needed through unspecified measures. It isn’t the first time Temasek, which manages S$313bil , has implemented wage freezes – it took similar measures during the SARS outbreak in 2003 and during the global financial crisis in 2008, according to the local newspaper report. Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong, is chief executive officer of Temasek Holdings.
Singapore, which now has more than 80 cases of the coronavirus, lowered its growth outlook for 2020 to a range of -0.5% to 1.5% as it braces for a hit to tourism and trade.
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