CapitaLand to trim pay of board members and senior management by 5 to 15% amid coronavirus outbreak
CapitaLand also decided to freeze the wages of all its staff at managerial level and above. Photo: Sengkang Grand Residences by CapitaLand
The board members and senior management of CapitaLand will take a 5% to 15% cut in their board fee and base salary effective 1 April to show “togetherness and solidarity” with stakeholders amidst the coronavirus (COVID-19) outbreak, reported The Business Times.
“CapitaLand will fight and ride through this difficult period together with our stakeholders,” said CapitaLand Group Chief Executive Lee Chee Koon.
Lee acknowledges that the sudden virus outbreak affected the group’s businesses as well as those of its partners and tenants in China and Singapore.
Thus, CapitaLand also decided to freeze the wages of all its staff at managerial level and above.
CapitaLand will pay part of the compensation for managerial staff in Singapore in CapitaVouchers for use in CapitaLand malls. A total of $2 million worth of vouchers will be distributed to support its retail partners.
Lee said the group will proactively manage its businesses while safeguarding the well-being of its staff, patrons, and tenants. This includes providing targeted relief measures to tenants, as well as participating in efforts to aid the community and medical staff dealing with COVID-19.
Just a day ago, CapitaLand’s majority shareholder Temasek revealed plans to implement a firm-wide wage freeze and requested its management to voluntarily take a pay cut for up to a year.
Temasek will also freeze promotions while annual bonuses for the senior management team for the year will be partially reduced in its compensation exercise this April.
It also requested senior management to voluntarily cut their base salaries by up to 5%.
Meanwhile, CapitaLand said the measures will be reassessed after six months, or when its position from the COVID-19 condition has stabilised.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org