SINGAPORE: With the unprecedented economic crisis caused by the COVID-19 pandemic, struggling companies considering wage cuts should have their management teams lead by example, the National Wages Council said on Monday .
For employers who have not implemented the variable component, they can consider cutting up to 10 per cent of basic wages. Those in management positions could receive more than a 10 per cent cut, in line with the principle of leading by example. If the company is looking to reduce wages across the board, they can freeze the wages of low-wage workers instead.
Flexible work schedules are such that employers reduce the workers’ working hours without cutting pay, creating a"time bank" of unused working hours that can be used to offset the increase in working hours in subsequent periods, such as when the recovery comes.
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