THE senior management of SIA Engineering Company has decided to take a further 5 per cent cut to its salaries, accruing with effect from Aug 1, 2020.
That means the senior vice-presidents, executive vice-president and the chief executive officer will now take 20-30 per cent pay cuts, up from the previous 15-25 per cent cuts. The move is meant to “proactively manage costs”, given the “difficult business environment and continued challenging outlook”, SIAEC said on Thursday morning.
The deeper pay cuts are in addition to cost management measures implemented in previous months. In April, SIAECwhile its directors had volunteered a larger reduction in their fees. SIAEC on Thursday noted that the severe impact of the Covid-19 pandemic on the aviation industry has continued unabated, with the lifting of border controls and travel restrictions being slower than expected. Many parked aircraft are thus unlikely to return to service soon.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore stock watch: CDL, SIA, SIA Engineering, ST Engineering, Teckwah, Yanlord, VicomSINGAPORE (THE BUSINESS TIMES) - The following companies saw new developments that may affect trading of their securities on Thursday (Aug 13):. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
SIA offers cabin crew voluntary release schemeGRAPPLING with a dearth of travel demand, Singapore Airlines (SIA) is offering its cabin crew a voluntary release scheme (VRS) as it seeks to contain costs. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Coronavirus: SIA offers cabin crew early retirement and release as part of further cost-cutting measuresSINGAPORE - National carrier Singapore Airlines (SIA) is offering its cabin crew early release or retirement as it continues efforts to cut costs amid the Covid-19 pandemic.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Coronavirus: SIA, Temasek Foundation to help transport supplies globally to pandemic front linesSINGAPORE - Singapore Airlines (SIA) and the Temasek Foundation will help transport essential medical supplies and other humanitarian items by air to points of need around the world, in a new partnership with the World Food Programme (WFP).. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
SIA, Alpa-S agree on pilot pay cut, change to compulsory no pay leave schemeSINGAPORE Airlines (SIA) and the Air Line Pilots Association - Singapore (Alpa-S) have inked a memorandum of agreement (MOA) which will see pilots taking a 10 per cent cut in their basic salary and an adjustment to their compulsory no pay leave (CNPL) scheme. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Singapore stock watch: Keppel, SIA, Sembcorp, Sembmarine, SGX, Top Glove, Tuan Sing, iFastSINGAPORE (THE BUSINESS TIMES) - The following companies saw new developments that may affect trading of their securities on Tuesday (Aug 11):. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »