Pay cuts for SIA management, CEO

SINGAPORE – All management staff in Singapore Airlines (SIA) will from July take a salary cut of at least 10 per cent, including its chief executive, who will take a 20 per cent cut.
SIA also said on Friday that it had signed an agreement with pilots under which they will take one-day unpaid leave each [...]

Falling wage syndrome

Wages are falling all across America.
Some of the wage cuts, like the givebacks by Chrysler workers, are the price of federal aid. Others are the result of discussions between employers and their union employees. Still others reflect the brute fact of a weak labor market: Workers don’t dare protest when their wages are cut, because [...]

SIA proposes pilots take unpaid leave to help cut costs

SINGAPORE: Singapore Airlines (SIA) has proposed its pilots take unpaid leave to help the company cut costs. Airlines around the world are facing falling passenger numbers amid the global financial crisis.
Speaking to Channel NewsAsia, President of the Air Line Pilots Association of Singapore (ALPA-S), P James said SIA is suggesting that captains take three days [...]

Salaries to stay stable this year, some drops in financial sector: survey

EXECUTIVES, professionals and managers can breathe a little easier: despite job cuts and hiring freezes, salaries have not dropped.
International recruitment firm Robert Walters, which released its annual salary survey on Wednesday, said it found ’salaries in Singapore are at least holding relatively steady’.
The only exception is in financial services, which ‘continues to be extremely tough’.
The [...]

Pay cut ripples from US may reach Singapore

Singapore’s top bankers – now rich in comparison to their US peers – are trying very hard to distance themselves from the move by President Barack Obama to cap pay at US$500,000 for executives.
But just as night follows day, the pay limits set in the US, and a bonus review in the UK, will have [...]

Cut in salaries of top civil servants and ministers

SALARIES of top civil servants and ministers, who have a sizable chunk of their salaries linked to the performance of Singapore’s gross domestic product, will fall 12 to 20 per cent this year as a ’sharp’ recession threatens to increase job losses and hurt lending.
The total salaries at the ministerial grade (MR4), will fall by [...]

Freeze or cut wages to save jobs? We’re already doing that, say firms

THE National Wages Council has come up with recommendations that companies have already begun to implement: Wage freeze and cuts.
As early as November, when the recession hit, some businesses began cutting or freezing salaries to contain costs and avoid retrenchments.
Companies are also cutting costs in areas other than staffing.
These were exactly the measures that the [...]

CapitaLand executives take pay cuts of 3-20% amid economic gloom

SINGAPORE: Property developer CapitaLand said on Tuesday it will not be laying off staff for now. 
Instead, executive-level staff will take pay cuts of between three and 20 per cent as part of the company’s cost management measures. 
In a statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. 
President and [...]