Temasek to freeze wages; senior management to take voluntary pay cut

In its compensation exercise this April, Temasek will freeze all salaries and promotion increases, and partially cut annual bonuses for the senior management team this year.AMID the challenging situation resulting from the Covid-19 disease outbreak, Singapore state investment firm Temasek is implementing a firm-wide wage freeze and asking senior management to take a voluntary pay cut for up to a year.

In its compensation exercise this April, Temasek will freeze all salaries and promotion increases, and partially cut annual bonuses for the senior management team this year. It has also asked senior management to voluntarily reduce their base salaries by up to 5 per cent. Temasek said that the budget originally set aside for the salary and promotion increases will be donated to its staff volunteer initiative T-Touch and set aside to support the community as needed during this time. The voluntary base salary reduction from senior management will be matched dollar-for-dollar by Temasek and donated to the same initiative.

Temasek has implemented wage freezes at other times in the past, such as during the Sars outbreak in 2003 and the global financial crisis in 2008. The Business Times understands that the investment firm does so in order to exercise restraint and prudence as a responsible portfolio owner in challenging times, but does not dictate whether its portfolio companies are to follow suit with wage freezes of their own.

Source: News Formal (newsformal.com)

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.

The Big Read: A month into COVID-19 outbreak, retailers, eateries are reeling from near-empty malls and streetsBusinesses say they are worried about the prospect of closures should the situation drag on longer than expected.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China developers face cash crunch as coronavirus freezes home salesSHANGHAI (BLOOMBERG) - China's debt-laden developers are facing a cash-crunch as the coronavirus outbreak brings the property market to its knees.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Virus fears rise: Investors worry about supply chain and pandemic-type spreadAs fears about the coronavirus catch up to U.S. markets, investors are watching closely to see if the outbreak freezes global supply chains and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Singapore universities suspend student exchange programmes to South Korea after COVID-19 outbreakSINGAPORE: The National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU) have ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Singapore's Reit hub dream grows big with most foreign IPOsSINGAPORE (BLOOMBERG) - Singapore's tiny geographical size is not stopping it from dreaming big in the property-management industry.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Australia under 'unprecedented' threat from foreign interference: Spy chiefSYDNEY: Australia is under an 'unprecedented' threat of foreign espionage and interference, one of the country's most senior spy chiefs said on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »