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BreadTalk cuts salaries by as much as 50% due to coronavirus
SINGAPORE — BreadTalk Group said it is cutting salaries by as much as half as part of a cost-saving exercise amid the coronavirus pandemic.
From February to June 2020, the pay of employees in China and Hong Kong is reduced by between 30 per cent and 50 per cent, the mainboard-listed company said in a Singapore exchange filing on Monday evening (23 March). It cited “uncertain market conditions and rapidly changing business conditions” for the move in the filing.
Senior management executives will be taking a pay cut of between 30 per cent and 50 per cent from March to June, while the pay of middle management staff based in Singapore and other Asean countries will have their pay reduced by between 10 per cent and 15 per cent, the company said.
The measures will impact about 137 employees in Asean countries and yield savings of about S$177,000 per month for BreadTalk's Asean operations.
About 1,840 employees in China and Hong Kong will be affected by the cost-cutting measures, which will yield estimated savings of about S$1.38 million per month for the group’s operations in the two markets.
The company said the pay cuts “are not implemented unilaterally and affected employees will need to provide their consent” for the relevant measures to take effect.
BreadTalk said it decided on the pay cuts following other measures that had already been taken. These included no-pay leave, shorter operating hours, controlled overtime hours, and stopping business-related travel and entertainment activities for employees.
The government is planning to announce additional support measures on Thursday to help workers, businesses and households deal with the fallout from the pandemic.
As of Monday, Singapore reported 54 new COVID-19 cases, taking the total to 509.
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