Venture Corp to take pay cut
CONTRACT electronics manufacturer Venture Corp is cutting the pay of senior and middle-management by between 10 to 20 per cent in a bid to rein in costs amid the worsening economic climate.
According to an internal e-mail sent by Venture’s human resources department, obtained by The Straits Times, the ‘Venture group is bracing ourselves for a very tough 2009. We need to take more drastic cost-containment measures in addition to what we have done.’
The pay cuts took effect on Feb 1. Last September, Venture announced a senior management wage freeze.
The pay of lower-level staff will not be affected, ‘but we will continue to right-size the headcounts based on business needs’, the memo said.
‘Venture has taken measures to strengthen itself and to remain competitive …One of the elements in the area of cost management is a temporary wage adjustment,’ said Venture spokesman Chua Mun Yuen, who confirmed that the memo was authentic.
So far, the mainboard-listed company, which has 1,700 staff here across its Ang Mo Kio and Marsiling sites, has managed to avoid large-scale retrenchments.
Venture said it was unable to disclose its current plant utilisation level as it is currently in a ‘blackout’ period – when it is barred from public statements of material information pending the expected release next week of its financial year for the year ended Dec 31.
Venture is not the only industry player that is looking to cut its wages bill to help with weathering the effects of the the deepening economic slump.
Other electronics manufacturers that have recently cut pay and jobs include Chartered Semiconductor Manufacturing, STMicroelectronics and Creative Technology.
Just last week, hard disk maker Seagate also retrenched an undisclosed number of staff.
via Straits Times
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This piece of news from Straits Times is very vague, it say “senior & middle management” take pay cut… but what about the Engineer or Admin level??? They are not in the senior or middle management… or is it?? All executive have to endure 10% pay cut as well but what “PISS” us off is the way HR handle the situation.
For many Dept in AMK Venture, this piece of news is being relayed by the HR to the managers & then the managers to the employees. The HR personnel makes this whole thing so secretive, until today 12th Feb still no official MEMO or letter has been given to us to inform the pay cut. Moreover, many company apply pay cut with lesser work week which is much justifiable but our services are still needed by the company full-time & yet they implement pay cut. I would rather they perform “FORCE UNPAID LEAVE” for 2 days & perform the pay cut, then it is much more FAIR to all. This is not the 1st time they apply “FORCE UNPAID LEAVE”, go ask around and you will know that Venture has already perform this measure in Jan 2009. We were all force to take 2 days unpaid leave on the 3rd & 4th day of Chinese New Year & automatically pay cut by abt 10%….. so it is not entirely true in the news that the pay cut started in FEB. They way the handle the pay cut in JAN is also the same, HR let the managers to announce to us & tell us not to disclose this matter to our CUSTOMER, there is no memo or letter as well … end of the day the pay slip just say 2 days unpaid leave deduction.
I’m not entirely sure if this pay cut is legal based on the Employment Act from MOM? Can anyone please advise?
don’t complain…just be happy you still have a job that pays…compared to JurTech, those folks worked for free for 2 months already, I guess. most likely will close shop if the banks want their monies back…so work for free for 2 months then jobless with any benefit.
His wife can anyhow go & slap SIA girl. U should know they both a bit ’siow’ one lor!
Any latest news from Venture? Heard there is retrenchment exercise is going on.
Zoa if you have more info … don’t hesitate to send to us
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